short note about legacy in accountancy
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The term "legacy asset" has been coined to refer to an asset that is outdated or obsolete. A legacy asset is an asset that has been on the company's books for a long period of time and has generally decreased in value, likely due to obsolescence, to the point where it is now a loss for the company
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°•✮•°ʟᴇɢᴀᴄʏ ᴀssᴇᴛ ɪs ᴀɴ ᴀssᴇᴛ ᴛʜᴀᴛ ʜᴀs ʀᴇᴍᴀɪɴᴇᴅ ᴏɴ ᴀ ᴄᴏᴍᴘᴀɴʏ's ʙᴀʟᴀɴᴄᴇ sʜᴇᴇᴛ ғᴏʀ ᴀ ʟᴏɴɢ ᴘᴇʀɪᴏᴅ ᴛɪᴍᴇ ᴀɴᴅ ʜᴀs sɪɴᴄᴇ ʙᴇᴄᴏᴍᴇ ᴏʙsᴏʟᴇᴛᴇ ᴏʀ ʜᴀs ʟᴏsᴛ ɴᴇᴀʀʟʏ ᴀʟʟ ᴏғ ɪᴛ's ɪɴɪᴛɪᴀʟ ᴠᴀʟᴜᴇ.°•✮•°
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