Property, Plant, and Equipment and Finite-Life Intangible Assets Must Be

question 210

True/False

Property, plant, and equipment and finite-life intangible assets must be tested for impairment at least once a year.

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Definitions:

Shares

Units of ownership interest in a corporation or financial asset, representing a portion of the corporation's capital.

Chose in Action

A personal right to property which can only be claimed or enforced by action, not by taking physical possession.

Surviving Corporation

The corporation that continues to exist after the merger or consolidation of two or more corporations, absorbing the assets and liabilities of the others.

Damages

Monetary compensation awarded by a court to a person who has suffered loss or injury as a result of another's wrongdoing or negligence.