chapter 9: inventories, further topics
lower of cost or market (LCM)
"market" typically means "replacement cost"
net realizable value (estimated selling price, less selling costs to complete/dispose)
ensures no overstating (reporting too hi
chapter 10: PP&E
property, plant, and equipment
aka, plant assets, fixed asset
acquired for use in operations, not for resale
long-term in nature
at historical cost
all costs to get asset "ready for its intended use"
INTERMEDIATE ACCTG I - ACBU 3434
Course Schedule & Homework Assignments
v HOMEWORK ASSIGNMENTS ARE DUE AT THE BEGINNING OF THE CLASS AS ASSIGNED IN THE SCHEDULE.
v THE FACT THAT A HOMEWORK ASSIGNMENT WAS NOT GIVEN ON A SPECIFI