COMM 293 Lecture Notes - Lecture 9: Intangible Asset, Cash Flow, Financial Statement
Document Summary
Acquisition and maintenance of plant and equipment: classification of long-term assets, measuring and recording acquisition cost, various acquisition methods, repairs, maintenance, and betterments. Use, impairment, and disposal of plant and equipment: depreciation concepts, alternative depreciation methods, changes in depreciation estimates, managers" selection among accounting alternatives, measuring asset impairment, disposal of property, plant, and equipment. Natural resources and intangible assets: acquisition and depletion of natural resources, acquisition and amortization of intangible assets, examples of intangible assets. Define, classify, and explain the nature of long-term assets and interpret the fixed asset turnover ratio. Apply the cost principle to measure the acquisition and maintenance of property, plant, and equipment. Apply various depreciation methods as assets are held and used over time. Explain the effect of asset impairment on the financial statements. Analyze the disposal of property, plant, and equipment. Apply measurement and reporting concepts for natural resources and intangible assets.
