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CHAPTER 6 - Accounting for Long-Term Operational AssetsANSWERS TO QUESTIONS1.Long-term operational assets are those assets that are used by a business to generate revenue. In contrast, investments are simply held for the production of interest and dividends and/or for price appreciation.2.Tangible assets are those assets that have a physical existence. Some examples include buildings and equipment. Intangible assets are those assets that represent some rights and privileges associated with owning the asset. Some examples include copyrights, leases, and trademarks.3.Specifically identifiable intangible assets are those assets that are purchased for a specific value or have a known value. Examples include patents, leases, and copyrights. Intangible assets that are not specifically identifiable are those purchased as part of the purchase of a whole business or group of assets. The value of these assets are determined by the excess of the purchase price of the group over the value of the specifically identifiable assets. The most common assets in this group include goodwill and covenants not to compete.4.Depreciation is the systematic allocation of the cost of property, plant and equipment to the accounting periods over which they are to be used. Some examples of assets that are depreciated include buildings, machinery, and office equipment.5.Natural resources are assets that are produced by nature. Some examples include oil, coal, minerals, timber,

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