1 The distinction between assets classified as property-plant-equipment (P-P-E) and assets classified as intangibles: is based on how long the asset has been owned by the company O is based on amounts that will be paid to other businesses within one year is based on the ability to determine the current fair market value of the asset is based on when the asset is expected to be converted into cash O is based on whether the asset has a physical substance 3 pts