Asked by
Veeda Shaygan
on Nov 18, 2024
Verified
Long-lived assets that are intangible in nature, used in the operations of the business, and not held for sale in the ordinary course of business are called fixed assets.
Intangible Nature
The quality of being unable to be touched or grasped physically, often used to describe assets that do not have physical substance but are valuable to a business, like copyrights or goodwill.
Long-Lived Assets
Assets of a durable nature used in the regular operations of a business and that are expected to provide economic benefit for more than one year.
- Familiarize oneself with the constituents and scheme of classification for fixed assets.
- Differentiate between physical and non-physical assets.
Verified Answer
PG
Learning Objectives
- Familiarize oneself with the constituents and scheme of classification for fixed assets.
- Differentiate between physical and non-physical assets.
Related questions
All Property, Plant, and Equipment Assets Are Depreciated Over Time
Long-Lived Assets Held for Sale Are Classified as Fixed Assets
The Cost of Repairing Damage to a Machine During Installation ...
Land Acquired as a Speculation Is Reported Under Investments on ...
The Acquisition Costs of Property, Plant, and Equipment Should Include ...