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What do you understand by impairment of long-lived tangible asset?

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Accounting

What do you understand by impairment of long-lived tangibleasset?

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Answer A long lived asset is any asset that a business expects to retain for at least one year This definition can be broadened to include any asset that is expected to be retained for more than one accounting period Long lived assets are usually classified into two subcategories which are Tangible long lived assets Included in this category are such assets as furniture and    See Answer
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