TAILIEUCHUNG - Lecture Principles of financial accounting (2/e) - Chapter 10: Long-term assets

After completing this chapter you should be able to: Explain the cost principle for computing the cost of property, plant and equipment; explain depreciation for partial years and changes in estimates; distinguish between revenue and capital expenditures, and account for them. | Chapter 10 Long-term Assets Chapter 10: Long-Term Assets Called Property, Plant, & Equipment property, plant and equipment Expected to Benefit Future Periods Actively Used in Operations Tangible in Nature C 1 Property, plant and equipment are tangible assets that are actively used in the operations of the entity. We fully expect these assets, sometimes referred to as fixed assets to benefit more than one accounting period. property, plant and equipment C 1 The four main issues in accounting for property, plant and equipment are shown on this screen: (1) computing the costs of property, plant and equipment, (2) allocating the costs of most property, plant and equipment (less any residual values amounts) against revenues for the periods they benefit, (3) accounting for expenditures such as repairs and improvements to property, plant and equipment, and (4) recording the disposal of property, plant and equipment. Acquisition Cost Acquisition cost excludes financing charges and cash .

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