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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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( Appendix 7 A) What is an impairment of a fixed asset?

To determine

An Impairment of asset means permanent decline in future economic benefits or potential utility of an asset. This may be because of various factors like obsolescence; depreciation expense in earlier years is provided less.

To calculate:

To explain Impairment of Fixed Asset.

Explanation

When events or situation occurs where a reason to believe that impairment has happened, in such case every organization need to inspect such assets for impairment.

The impairment comprises of two steps:

Step 1: Existence - When the anticipated cash flow in the fore coming years from the asset is lower than the Book value of asset, then impairment is said to exist...

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