An Asset May Be Considered Impaired If Either the Decline

question 40

True/False

An asset may be considered impaired if either the decline in the service utility is unexpected or the amount of the decline in service utility is large.

---

Definitions:

Breach Of Contract

The failure to perform as specified in a contract without a legitimate legal excuse.

Commercial Impracticability

A principle where performance under a contract is deemed unduly burdensome due to unforeseen events, relieving the obligated party.

Nonperformance

Failure to fulfill a contractual duty or obligation.

Late Charges

Additional fees charged to a borrower for failing to make payments on time.