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About this document
- Pages
- 125 pages
- Price
- $45 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting, Business Finance
- Module
- 10
This document covers true or false questions on long-term assets. It helps students test their knowledge of fixed assets, property, plant, and equipment, and depreciation. It covers Module 10.
What's inside
- Definition of fixed assets
- Acquisition costs of property, plant, and equipment
- Reporting of land and standby equipment
- Cost of repairing damage during installation
- Capital expenditures and revenue expenditures
Who it is for: Students studying accounting and business finance. (Undergraduate)
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Summary
Long-term assets are property, plant, equipment and intangible assets. Students get practice in applying accounting rules to these assets.
Long-term assets definitions
Long-term assets are defined. Intangible assets are distinguished from fixed assets. Land is distinguished from buildings. The costs of acquiring property, plant and equipment are explained.
Depreciation methods
Depreciation is explained. The straight-line method is described. The units-of-output method is described. The double-declining balance method is described.
Depreciation calculations
Depreciation expense is calculated for different methods. Examples are given for the straight-line method. The effect of a change in useful life is shown.
Disposal of fixed assets
The disposal of fixed assets is described. The journal entries for disposal are shown. The effect of the disposal price on gain or loss is explained.
Key terms
- Fixed assets
- Long-lived assets that are tangible in nature, used in the operations of the business and not held for sale.
- Property, plant, and equipment
- Long-lived assets that are tangible in nature, used in the operations of the business and not held for sale.
- Depreciation
- The process of allocating the cost of a tangible asset over its useful life.
- Straight-line method
- A method of depreciation that allocates the cost of an asset evenly over its useful life.
- Units-of-output method
- A method of depreciation that allocates the cost of an asset based on the actual output of the asset.
- Double-declining balance method
- A method of depreciation that applies a double rate of depreciation to the book value of the asset.
Questions this document helps with
- What are the costs of acquiring property, plant and equipment?
- How do you calculate depreciation expense?
- What are the journal entries for the disposal of fixed assets?
Summary written with AI from the document's text.
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