Advanced Cost and
Planning for cost control
Control is the process of setting
standards, receiving feedback on
actual performance, and taking
corrective action whenever actual
performance deviates significantly from
PLANT ASSETS, NATURAL RESOURCES AND INTANGIBLE ASSETS
1. Accounting for plant assets-Acquisition and Cost determination for major types of plant
assets, Depreciation, Costs incurred subsequent to acquisition, and Disposal through
1. Prepare a worksheet.
2. Explain the process of closing the books.
3. Describe the content and purpose of a postclosing trial balance.
4. State the required steps in
Explain what accounting is.
Identify the users and uses of accounting.
Explain generally accepted accounting principles and
the cost principle.
Definition. Inventories are those assets which are held for sale in the normal course of
business, are in the process of being produced for such purpose, or are to be used in the
production of such items.
Accounting for Partnership Form of Organization
A partnership is an unincorporated association of two or more individuals to carry on a
business for profit. Many small businesses, including retail, service, and professional