An Impairment Loss Can Only Occur in Long-Lived Assets with a Finite

question 195

True/False

An impairment loss can only occur in long-lived assets with a finite life.

---

Definitions:

Abrasion

The process of wearing down or rubbing away materials through mechanical action, often seen in geological contexts.

Scraping

the process of removing material from a surface using a hard edge or object.

Gouging

The process of making grooves or marks in a surface, often related to glacial activity in geological contexts.

Cirque

An open-sided, bowl-shaped depression formed in a mountain, commonly at the head of a glacial valley; produced by erosion of a glacier.