Slides - 8. Long Lived & Intangible Assets

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7 Terms

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Property, plant, equipment & natural resources

tangible assets

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No Physical Substance

Intangible assets

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The initial cost of an asset includes the purchase price and all expenditures necessary to bring the asset to its desired condition and location for use.

General Rule for Cost Capitalization

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the right to go look for natural gas on a farmer’s field in Texas

Acquisition costs

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the actual cost of doing that work to see if there’s a gas deposit down there

Exploration costs

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is building the infrastructure to actually get that gas out of the ground

Development costs

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