Concept explainers
1.
Plant Assets: Plant assets refer 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.
Intangible Assets: These are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. Example: Patent, Trademark,
To explain: whether the accounting treatment for depreciation is in accordance with generally accepted accounting principles.
2.
To explain: whether the accounting treatment for amortization is in accordance with generally accepted accounting principles.
3.
To explain: whether the accounting treatment for building that has a zero book value is in accordance with generally accepted accounting principles.
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FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
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