Question and answer
How are natural resources and the accounting for such assets different from other tangible and intangible long-lived assets?
The difference between current and long term assets is that current assets are converted/used within a single operating cycle (inventory, work in progress, accounts receivable, etc), [ whereas long term assets are used for multiple operating cycles (machines, buildings, etc). There are three types of long term assets: long term tangible assets, such as machines and buildings, long term
intangible assets such as patents and trademarks and long term financial assets such as shares held in other companies. In this tutorial I focus on long term tangible assets. Many of the principles discussed here can be applied to intangible assets. Accounting for financial assets however, has some distinct features. I intend to discuss accounting for (long term) financial assets in a separate tutorial at a future point in time. Key points: - current assets are converted or used within a single operating cycle - long term assets are used multiple operating cycles ]
Expert answered|selymi|Points 9376|
Question
Asked 11/24/2012 4:56:10 AM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
What objectives or principles account for the differences between the financial accounting depreciation rules and the income tax cost recovery rules?
Weegy: Financial accounting is concerned with reporting to external parties such as ... The methods of preparation and the reports presented are governed by rules of ... will reveal typical examples of budgets, segment income reports, and so forth. ..... [ Future chapters examine differences between absorption and direct costing. ] (More)
Question
Expert Answered
Asked 11/18/2012 4:51:24 AM
0 Answers/Comments
19,259,865 questions answered
Popular Conversations
Which of the following sentences is written in the passive voice? ...
Weegy: The sentence with the active voice is: The chairman told me that the legislature passed the bill. User: ...
1/31/2015 11:17:44 AM| 2 Answers
How long was George Washington a president?
Weegy: George Washington (February 22, 1732 [O.S. February 11, 1731] ? December 14, 1799) was the first President of ...
1/31/2015 1:03:26 AM| 1 Answers
Weegy Stuff
S
L
P
L
P
Points 14 [Total 6789]| Ratings 0| Comments 14| Invitations 0|Offline
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.