AN OVERVIEW OF LONG-LIVED ASSET ACCOUNTING
Figure 9–4 summarizes and organizes the topics covered in the remainder of the chapter. As shown at the top of the figure, there are three points in time during the life of a long-lived asset when important accounting issues must be addressed: (1) when the long-lived asset is acquired (purchased or manufactured), (2) while the long-lived asset is in use, and (3) when the long-lived asset is disposed of.
FIGURE 9-4 Accounting for long-lived assets
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