ACC 3200 Chapter Notes - Chapter 10: Income Property, Title Search
14 Nov 2017
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Chapter 10: property plant equipment and intangible assets: acquisition and disposition. Part a: valuation at acquisition trucks: property plant and equipment: land, buildings, equipment, machinery, furniture, auto, and, natural resources: oil and gas deposits, timber tracts, and mineral deposits are included. Intangible assets: lack physical substance and the extent and timing of their future benefits are highly uncertain: patents, copyrights, trademarks, franchises, goodwill. Ppe can be acquired through purchase, exchange, lease donation, self-construction or a. Initial cost of these assets includes the purchase price and all expenditures necessary to. Capitalized they are recorded as an asset and expensed in the future business combination bring the asset to its desired condition and location for use. Capitalizing rather than expensing expenditures caused a substantial overstatement of reported income. Encompasses machinery, used in manufacturing, computers and other office equipment, vehicles, furniture and fixtures. Cost of land: includes expenditures needed to get the land ready for its intended use.
