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Categories  >>  Accounting  >>  Accounting AllOther
 
 


 

 
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question 
what is the meaning of empairment asset
 Question Submitted By :: Laxman
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is the meaning of empairment asset
Answer
# 1		 
An unexpected or sudden decline in the service utility of a 
capital asset, such as a factory, property or vehicle. This 
could be the result of physical damage to the asset, 
obsolescence due to technological innovation, or changes to 
the legal code. Impairments can be written off.
 
Is This Answer Correct ?    2 Yes 1 No
Prasanna11149@yahoo.co.in
[KARVY]
 
  Re: what is the meaning of empairment asset
Answer
# 2		 
dictionary meaning: weaken or damage.

in case of tangible assets we use the word depreciation for 
reduction in the value of the asset due to obsolence or 
wear and tear.

in the case of intangible asset there is no wear and tear, 
so therefore we use the word impairment for reduction in 
the value of intangible asset.
depreciation is caused only due to wear and tear.
 
Is This Answer Correct ?    1 Yes 0 No
Sudhir
 
 
 

 
 
 
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