An asset acquired for use on a continuing basis, normally over more than one year
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Carrying Amount
Cost x (1 - Rate of depreciation)^n
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Profit/Loss on disposal
Sales proceeds - Carrying amount at date of disposal
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Revaluation Surplus
Fair Value - Carrying amount at date of valuation
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Purchased Goodwill
The difference between the cost of a business as a whole and the fair value of its separate values
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Research
The original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding
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Development
The application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use
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Other cards in this set
Card 2
Front
Cost x (1 - Rate of depreciation)^n
Back
Carrying Amount
Card 3
Front
Sales proceeds - Carrying amount at date of disposal
Back
Card 4
Front
Fair Value - Carrying amount at date of valuation
Back
Card 5
Front
The difference between the cost of a business as a whole and the fair value of its separate values
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