Recall the definition of assets: probable economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Discuss how a leased building might qualify as an asset of the lessee (tenant) under this definition.

Identify the accounting issues related to asset impairment.

Which of the following characteristics is most likely to diff erentiate investment propertyfrom property, plant, and equipment?A. It is tangible.B. It earns rent.C. It is long-lived.

Which of the following are criteria for determining whether to record an asset as a fixed asset? Group of answer choices A. must be an investment and long lived B. must be long lived and used by the company in its normal operations C. must be short lived and tangible D. must be tangible and an investment

Determine an asset's depreciable life?

Describe why allow the fair value option for financial assets and liabilities and not for buildings or land?

Explain the process of ‘impairment of an asset’ and its definition? Explain how to account for an impairment of an item of property, plant and equipment be

Which of the following would be an example of a "transactional" adjustment made to a comparable sale? An adjustment for below-rate financing An adjustment for the property's use An adjustment for the property's location An adjustment for the property's operating expenses

Property plant and equipment are considered what type of asset?