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How do you determine if an asset is impaired

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Reference no: EM132603120

Question - Depreciation expense is related to assets that have useful lives and are actively used in business operations. CPAs need to understand why impairment happens to depreciated assets. As the accounting manager at a manufacturing company:

1. How do you determine if an asset is impaired?

2. How do you account for the asset's impairment?

3. How do you explain partial and total impairment?

4. What are the effect impairments have on the company's financial statement?

Reference no: EM132603120

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