Accounting Chapter 7

Accounting Chapter 7 - Term Definition Operating assets...

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Term: Operating assets Definition: Assets used by a company in the normal course of operations to generate revenue Term: operating assets are used until their ________________ has been exhausted Definition: service potential Term: The typical operating asset is used for a period of... Definition: 4 to 10 years Term: The 3 categories of operating assets are... Definition: - Property, plant & equipment (PP&E) - Intangible assets - natural resources Term: What are property, plant, and equipment assets? Definition: Tangible operating assets that can be seen and touched. Includes land, buildings, machines, and automobiles
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Term: What are two other names for PP&E assets? Definition: Fixed assets or plant assets Term: What are intangible assets? Definition: Generally result from legal and contractual rights, don't have physical substance. Includes patents, copyrights, trademarks, licenses, and goodwill. Term: What are natural resource assets? Definition: Naturally occuring materials that have economic value such as timberlands and deposits, coal, oil, and gravel.
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