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Q: 1. What is included in the cost basis of a long-lived asset? Explain for at least two types of such assets.
A: long-lived assets (a.k.a. non-current assets) carried on the balance sheet. Long-lived assets are those that provide the company with a future economic benefit beyond the current year or operating period. [ It may be helpful to remember that most (but not all) long-lived assets start as some sort of purchase by the company. Read more: ]
tinkermei|Points 136|
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Asked 2/18/2012 12:31:41 PM
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