Indicate the Classification of Each of the Following Assets as Personal

question 48

Essay

Indicate the classification of each of the following assets as personal property, real property, intangible property, personal use property or business use property.
a.A dentist purchases a sofa for the waiting room at his dental office.
b.A dentist purchases a sofa for his living room at home.
c.A dentist has a landscape architect plant shrubbery and trees around his office building.
d.A dentist pays a landscaper to grade his land and install fencing for a baseball practice field for his son.
e.A dentist obtains a patent for a procedure he developed.

---

Definitions:

Economies of Scale

Cost benefits that organizations acquire by scaling up their operations, wherein the cost for each unit produced tends to fall as the scale of operation enlarges.

Min Per-unit Costs

The lowest possible cost of producing one unit of good or service, achieved through efficient use of resources and optimal production scale.

Employee Shirking

Refers to employees putting in less effort than agreed upon or expected, often when they believe their lack of effort will not be noticed or punished.