Section 1
Introduction to Long-Lived Assets
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By Boundless
By Boundless
Boundless Accounting
Accounting
by Boundless
3 concepts
Defining Long-Lived Assets
Long-lived assets are those that provide a company with a future economic benefit beyond the current year or operating period.
Types of Long-Lived Assets
The two major asset classes are tangible assets (e.g., buildings and equipment) and intangible assets (e.g. copy rights).
Accounting Perspectives on Long-Lived Assets
All money that is spent to get the asset up and running is capitalized as part as the cost of the asset.