ACTG 1P91 Lecture Notes - Lecture 9: Income Statement, Cedar Fair, Canada Revenue Agency

• School: Brock University
• Department: Accounting
• Course: ACTG 1P91
• Professor: Darlene Bay

Document Summary

Actg 1p91 lecture 9 notes- long lived tangible and intangible assets. Long lived assets: are the resources owned by a business that enable it to produce the goods or services that are sold to customers. They are not intended for resale what so ever: tangible assets are ahold of having physical items such as equipment, buildings and land. Intangible assets are ahold of having special rights, but no physical substance such as brand names, licensing rights and trademarks. Tangible assets are also known as fixed assets or property, Land improvements have sidewalks, pavements and fencing that value up the usefulness of the land: construction in progress includes the cost of constructing new buildings and equipment. When finished these costs are moved to the appropriate account. Cedar fair paid cash for a roller coaster (,000,000) and related transportation (,000) and installation (,000)costs.