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Unformatted text preview: the impact of using different costflow assumptions on the balance sheet and income statement. Which is best? Computing LOCOM value of ending inventory and making the entry to record write-down. Understanding the meaning and impact of LOCOM. Exactly how is it a good example of conservatism at work? Accounting for Long-Term Assets. Capitalization and expensing decisions. Doing straight-line depreciation, including partial years. Computing gain and loss from sale of assets (after straight-line depreciation) and making journal entry to record. Understanding the impact of different depreciation methods on the balance sheet and income statement. Understand impact of write-offs and write-downs of long-term assets and make entries. Understand capitalization and expensing concepts related to intangible assets....
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- Spring '11