Instructions: Identify the Following

question 131

Essay

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Newt Gingrich, Contract with America

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Definitions:

Recoverable Amount

The higher of an asset’s fair value less costs of disposal and its value in use.

Cash-Generating Unit

The minimal identifiable collection of assets that produces cash flows mostly independent from those generated by other assets or collections of assets.

Impairment Loss

A decrease in the recoverable value of an asset below its carrying amount, prompting a write-down of the asset's value on the financial statements.