Asked by
Victoria Ayala
on Nov 15, 2024
Verified
The spreading or allocating of the cost of a long-term asset is called discounting.
Long-Term Asset
Assets that are expected to provide economic benefits beyond one year, such as equipment, real estate, and intellectual property.
Discounting
The process of determining the present value of a payment or a stream of payments that will be received in the future.
- Acquire knowledge on the need and procedures for amending accounting records.
Verified Answer
JR
Learning Objectives
- Acquire knowledge on the need and procedures for amending accounting records.
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