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Accounting Chapter 10 Long Term Assets Fixed & Intangible Study Notes

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Accounting Chapter 10 (Long-Term Assets: Fixed and Intangible): ➢ Fixed assets are long-term or relatively permanent assets such as equipment, machinery, buildings, and land ○ Tangible assets ○ Owned and used by the company in its normal operations ○ Not offered for sale as part of normal operations ➢ A cost that has been incurred may be classified as a fixed asset, an investment, or an expense ➢ Is the purchased item long-lived? ○ If yes, the item is recorded as an asset on the balance sheet, either as a fixed asset or an investment ○ If no, the item is classified and recorded ...
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