1 / 8

ACG 2021

ACG 2021. Chapter 7 Summary. Long-Term Assets. Allocating Costs. All Costs Associated with Purchase of Asset Costs needed to use Asset for Intended Purpose. What if you buy Multiple Assets Together?. What happens when you use up an Asset?. Assets:

istas
Download Presentation

ACG 2021

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ACG 2021 Chapter 7 Summary

  2. Long-Term Assets

  3. Allocating Costs • All Costs Associated with Purchase of Asset • Costs needed to use Asset for Intended Purpose

  4. What if you buy Multiple Assets Together?

  5. What happens when you use up an Asset? • Assets: • Economic Resources that provide a future Benefit • Benefit provided by Long-Term Assets • Revenue • Matching Principle • Record any costs associated with Revenue Earned in the Period • Consumption of Assets are a Cost, so we must Expense

  6. Expense is Called

  7. Depreciation Methods

  8. Accounting Transaction • Deprecation Expense xxxx • Accumulated Depreciation xxxxxx • Accumulated Depreciation is a • Contra Asset • Asset – Accumulated Depreciation = • Book Value of the Asset

More Related