chapter 12: intangible assets
lack physical existence
are not financial instruments
capitalize direct costs, costs to defend in court
types of intangible assets
trademark or trade name
10 years, i
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"
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
pract ice exam
t he act ual exam may be more difficult .
t he act ual exam may be in a different format .
t he act ual exam may include ot her concept s/mat erial from class not es, homeworks, t ext book.
chapt er 10
ABC has t he following loans out st an
chapter 13: current liabs and contingencies
current maturities on long-term debt
sales tax payable
XYZ sells a t-shirt for $50. and charges 9% f
chapter 11: depreciation, impairments, and depletion
a method of cost allocaiton, NOT devaluation
acquisition (gross) cost
estiamted salvage value
estimated useful life (can be measured in years, or number of uni
ACBU 3434, Fall 2011
Prof.Shon __.'> ,r", \U - l \J
Name U '
Final Exam, A ' I -\
l) Knoll Inc. has the following loans outstanding during the 2011 year:
Amount Rate _ _. L, ,- t
Construction specic loan 1,000,000 5% e L
General purpose loan #1