How are natural resources and the accounting for such assets different from other tangible and intangible long-lived assets?
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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 ...
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