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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Definitions of Terms

AmortizationThe periodic charge to income that results from a systematic and rational allocation of cost over the life of an intangible asset. Analogous to depreciation of tangible assets.
Asset groupThe lowest level for which identifiable cash flows are largely independent of the cash flows associated with other assets and liabilities.
Asset retirement obligationA legal obligation associated with the retirement of a tangible long‐lived asset that results from its acquisition, construction, development, and/or normal operation.
Book valueThe cost of a long‐lived asset less the related accumulated depreciation or amortization to the date of measurement. Sometimes referred to as net book value.
BootThe monetary consideration given or received in an asset exchange.
DepreciationThe periodic charge to income that results from a systematic and rational allocation of cost over the life of a tangible asset. Analogous to amortization of intangible assets. Depreciation is only a method of cost allocation, not a means of determining or presenting current valuation of assets.
Disposal groupA group of assets to be disposed of in a single transaction as a group, and the liabilities directly associated with those assets that will be transferred with them.
Dividends‐in‐kindDividends paid to stockholders from assets of the corporation other than cash.
ExchangeA reciprocal transfer between the reporting entity and another entity that results in the acquisition of assets or services, ...

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