i need a quick summary on how each of these assets are summarized.
Infinite Assets is tested periodically? Finite Asset is ammortized based on the expected life? and indefinite asset is not ammoritized?
Long Lived Assets could either be
a) Tangible: They are monetary assets with physical substance e,g Your house!
b) Intangible: they are non monetary assets that lack physical substance
If Intangible, you can either split it up based on form into
a) Identifiable: An intangible asset that can be taken away from you e,g List of client
b) Non Identifiable: These are collectively referred to as goodwill. examples include: reputation, location etc
or you can split it up based on how long you expect to use it for into
a) Definite
b) Indefinite
Definite is amortized e.g Franchise agreement
Indefinite is non amortized example could be goodwill.
To my knowledge, there’s no asset classification called Finite or infinite.