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exchange of dissimilar nonmonetary assets

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

The exchange or trade-in of a long-term asset for a completely different long-term asset. For example, exchanging an antique car for land.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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