Describe Self-Constructed Assets and explain  Research and Development

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
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Describe Self-Constructed Assets and explain  Research and Development

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Step 1

Property, plant and equipment:

 

Property, plant and equipment are the tangible assets which are pivotal for the business operations and can be used for more than a year.

 

Intangible assets:

 

These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

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