Question Details

CHAPTER 10 PART 1 PLANT ASSETS, NATURAL RESOURCES, AND INTANGIBLE ASSETS

CHAPTER STUDY OBJECTIVES

1. Describe how the cost principle applies to plant assets. 

2. Explain the concept of depreciation. 

3. Compute periodic depreciation using different methods. 

4. Describe the procedure for revising periodic depreciation. 

5. Distinguish between revenue and capital expenditures, and explain the entries for each.

6. Explain how to account for the disposal of a plant asset. 

7. Compute periodic depletion of natural resources

8. Explain the basic issues related to accounting for intangible assets

9. Indicate how plant assets, natural resources, and intangible assets are reported

a10. Explain how to account for the exchange of plant assets