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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
What characteristics are necessary for a company to include an asset in the category of property, plant, and equipment?
Identify the characteristics that are required for a company to include an asset in the category of property, plant and equipment.
Property, Plant, and Equipment:
“Property, Plant, and Equipment” refers to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities, for generating revenue.
Asset must have the following characteristics, to be included as property, plant and equipment:
- “The expected life of an asset must be more than one year”.
- “The asset should be used in operations and not for investment purpose”.
- “The asset should be tangible in nature”.
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