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ACC 100 (209)
Chapter 8

ACC 100 Chapter 8 Notes.docx

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Ryerson University
ACC 100
Walter Krystia

ACC 100 Chapter 8 Notes Capital Assets Property Plant and EquipmentTangible Assets having physical substance Ex a machineIntangible Assets lacking physical substance Ex a copyright Acquisition of Property Plant and EquipmentAcquisition Cost the amount that includes all of the costs normally necessary to acquire an asset and prepare it for its intended use original costItems included in acquisition cost o Purchase price o Taxes paid at time of purchase Ex sales tax o Transportation charges o Installation costsGroup Purchases o Purchases several assets as a group and pays a lumpsum amountCapitalization of Interest o Capitalization of Interest interest on constructed assets is added to the assets accountLand Improvements o Land Improvements costs that are related to land but that have a limited life Use and Depreciation of Property Plant and EquipmentsDepreciation the allocation of the original cost less residual value of a capital asset to the
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