Long Lived Assets

Long Lived Assets

Introduction

Long-Lived Assets

Long-term assets can be explained in terms of accounting principle as the as the assets which generates an economic value of more than a single year. The assets should be involved and engaged in generating revenues for the project. The price of long-term property (i.e. assets) is treated as expenditure in the financial period for which they are accounted. The annual costing of such assets will decline in value in the future with the passage of time and wear and tear. Therefore, for example, if the cost of a machine which has a time period of ...