Discuss different types of liabilities and how to account for and report those liabilities
Companies have a significant amount of investment in long-lived assets, which include property, plant, and equipment (commonly referred to as plant assets); and intangible assets. We will also discuss different types of liabilities and understand how to account for and report those liabilities.
Let’s begin by talking about plant assets.
- Can you tell us what kind of plant assets are used in your company or place of business?
- Do you have an estimate of the amount invested in those plant assets?
Discuss different types of liabilities and how to account for and report those liabilities
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