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Psychologist Edward C. Tolman's studies with rats in mazes led him to conclude that:
Long-Term Assets
Assets owned by a company that have a useful life of more than one year, such as property, plant, and equipment.
Current Assets
Current assets are assets that are expected to be converted into cash, sold or consumed within a year or within the normal operating cycle of the business, such as cash, inventory, and receivables.
Installation
refers to the process of setting up and configuring equipment or software to make it ready for use.
Repairs
Expenditures to restore or maintain an asset in its normal operating condition without significantly improving its life or value.
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