Accounting Dictionary - Letter L

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Lump-sum purchase
(also called basket purchase) is an acquisition of several assets (as a group) for a single lump-sum purchase price. The lump-sum purchase price must be allocated among acquired assets. For example, an entity may pay a single price for land and a building. The lump-sum price (cost) will be allocated among the land and the building.
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