acty2100 Final_Exam_Study_Guide

acty2100 Final_Exam_Study_Guide - Final Exam Study Guide 10...

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Final Exam Study Guide 10 Multiple Choice questions (20 points) Read final three chapters. 5 Accounts to identify (10 points) Study accounts. 7 Problems of material we have covered in the last three chapters (70 points) Long-term assets o Types of long-term assets PP + E (Property Plant + Equipment) Intangible assets Patent Franchise Trademark Copyright Goodwill Natural resources o Acquisition of long-term assets by purchase or lease (capital or operating) Pg. 465-467 o Allocation cost of long-term assets Depreciation, amortization, depletion Types of Asset Cost Allocation Method Property No Plant-Equip Depreciation (Depreciate) SL, units of prod, others Intangible Amortization (Amortize) SL Natural Resources Depletion (Deplete) Units of prod SL Method – Pg. 471 o Annual Depreciation Exp = (Cost – Salvage)/Life o Journal Entry Depreciation Exp Accumulated Depr. (Contra-Asset –BS – Not Closed) Units of Prod o Depr. Rate = (Cost – Salvage)/Est. Total Units o Journal Entry Depreciation Exp Accumulated Depr. (Contra-Asset – BS – Not Closed) Book value Assets original cost – Accumulated Depr. = Book Val o Truck 22,000 – Acc Depr 7,700 = Book Val 14,300
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o Disposal of long-term assets (discard or sale) Example Journal Entry for Truck ^ Acc Dpr
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