ADMS 2500 Chapter Notes -Book Value, Impaired Asset, Capital Asset

• School: York University
• Department: Administrative Studies
• Course: ADMS 2500
• Professor: Brian Gaber

Document Summary

Long lived assets used by a company to help produce product and contribute to the revenue generating process. ~ identifying the types and amounts of expenditures that make up the acquisition cost. ~ differentiating subsequent expenditures for simple maintenance (expense) from expenditures. ~ amortizing (depreciating) the costs related to the use of long-lived assets on a systematic, ~ testing for impairment when the carrying amount of a long lived asset exceeds its fair value. ~ recognizing gains or losses at (1) the time of asset disposition or (2) when impairment is. Physical substance land, building, tools, equipment, furniture, vehicle. Some property, plant and equipment acquired for the use in production or supply of goods/services. Some acquired to help in the administration of the business or to be used to build, maintain, and repair other property, plant and equipment assets. Natural resource properties (mines, oil wells, timber tracts etc. ) are still considered properties.