Is an asset required to have a finite life to be classified as a long- term operating

Question:

Is an asset required to have a finite life to be classified as a long- term operating asset?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

See More Books

Question Posted: Nov 24, 2015 04:57 AM

See More Questions

The accounting for goodwill differs in countries around the world. The discussion of a change in goodwill accounting practices shown below was taken from the notes to the financial statements of J...
Do Brands Have Finite Lives? Often, after a brand begins to slip in the marketplace or disappears altogether, commentators observe, All brands have their day, implying brands have a finite life and...
Multiple Choice Questions 1. One assumption inherent in the present worth method of analysis is that: (a) The alternatives will be used only through the life of the shortest-lived alternative. (b)...
Describe the general process used to determine the ULRD using AICPA sampling tables?
The U.S. Energy Information Administration reports weekly figures on retail gasoline prices in Weekly Retail Gasoline and Diesel Prices. Every Monday, retail prices for all three grades of gasoline...
McCourt Company produces two types of leather purses: standard and handcrafted. Both purses use equipment for cutting and stitching. The equipment also has the capability of creating standard...
A suitable pump for handling viscous fluid is (a) reciprocating pump (b) centrifugal pump (c) turbine pump (d) screw pump
Ashley owns a retail shoe store that is insured for $120,000 under the business income (and extra expense) coverage form. Because of a fire, Ashley was forced to close the store for three months....
Sara was a TV host under contract to Program A. Sara's contract with Program A contained negative covenants to the effect that she would not act as a presenter for anyone else. She breached her...
A large firm has 85% of its service calls made by a contractor, and 10 of these calls result in customer complaints. The other 15% of the service calls are made by their own employees, and these...
More Toys, Inc., a toy retailer that has a calendar year- end, prepares interim financial statements quarterly. As of March 31, 20X4, More Toys has 10,000 Gabriella dolls in stock. The Gabriella...
Does a firm always measure the amount of interest capitalized by multiplying the weighted- average accumulated expenditures by the firms weighted- average interest rate? Explain.
Which of the following entities has an ownership interest that is divided into individual shares and profits, distributed to owners by means of the payment of dividends? (a) A school in state...
What is the dividend yield of a stock which just paid a dividend of $6, has an expected growth rate of 0.12 and a current price of $36?
The income statement from 2013 to 2017 of Kung Food Equipment, Inc., a restaurant equipment supplier, appears below. Revenue Cost of Revenue, Total Gross Profit Selling/General/Admin. Exp. Research &...
Suppose there are n unit squares as drawn below. Each square is indexed by two coordinates (r, c) where the left coordinate r is the row number and the right coordinate c is the column number. We...
Gilbest limited share has a beta of 1.54, the expected return on the market index is 11.2 percent, and the risk free rate is 5 percent. The company has 14 million shares in issue with a market value...
On 1.1.2015 an investor purchases 500 nominal of a 5-year index-linked bond which pays base coupons of 6 p.a. per 100 nominal of bond stock held, half-yearly in arrears, and is redeemed after 5 years...
Your company has been approached to bid on a contract to sell 17,500 voice recognition (VR) computer keyboards a year for four years. Due to technological improvements, beyond that time they will be...
C- Consider the following scenario:- A supermarket needs to develop the following software to encourage regular customers. For this, the customer needs to supply his/her residence address, telephone...
What are the advantages of using restricted stock to compensate employees?
What are the advantages of using restricted stock to compensate employees?
At December 31, 2010, Reid Company had 600,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on...
MM Corp. has 50,000 shares outstanding with share price of $18. It has debt with market value of $300,000. The equity beta is 1.2 and debt beta is 0.1. The risk-free rate is 2% and the market risk...
The market is expected to return 15 percent next year and the risk-free rate is 7 percent. What is the expected rate of return on a stock with a beta of 1.3? The covariance of the market's returns...
A stock's current price is 145.05. A put option with an exercise price of 120 and maturity of 3 months is currently priced at $ 28.83. What is the option's time value?

Is an asset required to have a finite life to be classified as a long- term operating

Question:

Step by Step Answer:

Intangible assets do not have to have a finite life to be classified as a longterm operating asset H...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions