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what are two types of long-lived assets.
Weegy: Long-lived assets are primarily operational assets and are classified into two basic types: tangible and intangible. [ ] (More)
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Asked 8/13/2012 1:54:38 PM
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What is included in the cost basis of a long-lived asset?
Weegy: ) long-lived assets start as some sort of purchase by the company. In fact, whenever a company purchases an asset, it will either expense or capitalize the purchase. [ Consider a simple example of a company that generates $150 in sales and, in the same year, spends $100 on research and development (R&D). In scenario A below, the entire $100 is expensed and, as a result, the profit is simply $50 ($100 ? $50). In scenario B, the company capitalizes the $100, which means a long-lived asset is created on the balance sheet and the cost is allocated (charged) as an expense over future periods. If we assume the asset has a five-year life, only one-fifth of the investment is allocated in the first year. The other $80 remains on the balance sheet, to be allocated as an expense over the subsequent four years. Therefore, the profits are higher under scenario B, although the cash flows in the two scenarios are exactly the same: Read more: ] User: Explain for at least two types of such assets. Weegy: Assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. (More)
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Expert Answered
Asked 8/13/2012 2:14:26 PM
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How is the appropriate depreciation method determined
Weegy: Four popular methods are: (1) straight-line, (2) units-of-output, (3) double-declining-balance, [ [ and (4) sum-of-the-years'-digits.A variety of approaches can be used to calculate depreciation.most companies elect to stay with one of the fairly basic techniques - as they all produce the same "final outcome" over the life of an asset, and that outcome is allocating the depreciable cost of the asset to the asset's service life. Therefore, although you will now only be exposed to four methods, those methods are the ones you are most apt to encounter. ] ] (More)
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Expert Answered
Asked 8/13/2012 3:21:19 PM
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How is the appropriate depreciation method determined?
Weegy: Four popular methods are: (1) straight-line, (2) units-of-output, (3) double-declining-balance, [ [ and (4) sum-of-the-years'-digits.A variety of approaches can be used to calculate depreciation.most companies elect to stay with one of the fairly basic techniques - as they all produce the same "final outcome" over the life of an asset, and that outcome is allocating the depreciable cost of the asset to the asset's service life. Therefore, although you will now only be exposed to four methods, those methods are the ones you are most apt to encounter. ] (More)
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Asked 8/13/2012 3:18:43 PM
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Has the concept of asset impairment changed accounting for long-lived assets under the historical cost model? If so, how?
Weegy: In accounting the historical costs model is the original monetary value of an economic item or asset. This cost is based on the stable measuring unit assumption. . [ In some cases assets and liabilities may be shown at their historical cost as if there had been no change in value since the date of acquisition. ] (More)
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Asked 8/13/2012 3:31:12 PM
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