READING/OBJECTIVE:

 

Ch 10 Plant Assets, Natural Resources, and Intangibles

This chapter introduces us to long-term assets. We explain how to account for a long-term asset’s cost, the allocation of an asset’s cost to periods benefiting from it, the recording of additional costs after an asset is purchased, and the disposal of an asset.

Ch 10 Plant Assets, Natural Resources, and Intangibles

Explain the cost principle for computing the cost of plant assets. (p. 397)

Explain depreciation for partial years and changes in estimates. (p. 404)

Distinguish between revenue and capital expenditures, and account for them. (p. 406)

.

Ch 11 Current Liabilities and Payroll Accounting

This chapter explains how to identify, compute, record, and report current liabilities in financial statements. We also analyze and interpret these liabilities, including those related to employee costs.

Ch 11 Current Liabilities and Payroll Accounting

Identify and describe known current liabilities. (p. 440)

Explain how to account for contingent liabilities. (p. 450)

 

DISCUSSION QUESTION a minimum of 200-250 words required.

 

Chapter 10

1. Define and discuss an asset. List some assets.

Chapter 11

1. Define and discuss a liability. List some liabilities.

 

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