Answered: Explain types of Properties?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 1Q: What is the matching principle?

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Explain types of Properties?

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The types of properties are as follows:

Tangible Property: This type of properties alludes to a property that can for the most part be moved, contacted or felt. These by and large incorporate things, for example, furniture, apparel, ornaments etc.
Intangible Property: This type of properties alludes to individual property that can't really be moved, contacted or felt, however rather speaks to something of significant worth, for example, debatable instruments, securities and intangible assets incorporating picked in real life.
Movable Property: This type of properties incorporates standing lumber, harvests and grass, natural product upon and juice extracted from trees, and property of each other depiction, with the exception of immovable property.

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