View notes accounting 1 chapter 9 book answers from acct 201 at howard university. Accounting for the exchange of assets depends on whether the. Chapter 9 plant and intangible assets plant assets are ordinarily presented in the balance sheet. Other transactions chapter 9 plant assets, natural resources, and intangibles chapter 9 lecture accounting for receivables part. Chapter 9 powerpoint depreciation intangible asset. On the other hand, intangibles may be purchased from another party. If the proceeds of the sale are less than the book value of the plant asset sold, a loss on disposal occurs. College accounting chapter 10 plant assets, natural. In a sale of plant assets, the book value of the asset is compared to the proceeds received from the. Choose your answers to the questions and click next to see the next set of questions.
To access resources such as quizzes, powerpoint slides, cpa exam questions, and cpa simulations. Assets purchased on days 115 of a month are usually recorded as purchased on the 1st of that month. Indicate how plant assets, natural resources, and intangible assets are reported and analyzed plant assets plant assets o tangible resources used in the operations of a business o not intended for sale to customers plant assets are subdivided into four classes. Plant assets, natural resources, and intangible assets long term assets financial accounting, seventh edition slide 92.
Ppt financial accounting chapter 09 wahyudianto matanari. Plant assets, natural resources, intangible assets. These include land, buildings, equipment, furniture, and automobiles. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Chapter 9 financial accounting notes to upload acc 211. Plant assets are longlived, tangible assets used in the operation of a business. Identify the basic issues related to reporting intangible assets. When intangibles are purchased, the cost is recorded as an intangible. If the proceeds of the sale exceed the book value of the plant asset, a gain on disposal occurs. Chapter 8 reporting and interpreting property, plant, and. For example, one company may need to utilize technology embedded in a patent right belonging to someone else. Mgmt e financial accounting principles chapter 9 plant assets, natural. Chapter 9 plant assets, natural resources, and intangible assets learning objectives after studying this chapter, you should be able to. Accounting for the exchange of assets depends on whether the transaction has commercial substance. You can enjoy this soft file pdf in any epoch you expect.
Accounting for plant assets financial accounting cpa. Chapter plant assets, natural resources, and intangible assets after studying this chapter, you should be able to. Double declining balance depreciation method this video explains the doubledecliningbalance depreciation method and illustrates how to calculate depreciation expense. Accounting chapter 9 accounting 2010 with sanders at. Although they have no physical characteristics, intangible assets have value because of the advantages or exclusive privileges and rights they provide to a business. Chapter 9 plant assets, natural resources, and intangibles nine ten accounting chapter 10 easy way to do financial statment chapter 10 financial accounting liabilities. Plant assets are reported on the balance sheet at book value cost. Here we have provided detailed information for principles of accounting text book.
Define depletion as the term is used by accountants. If the proceeds of the sale exceed the book value of the plant asset, a gain. In a sale of plant assets, the book value of the asset is compared to the proceeds received from the sale. Principles of accounting was often the title of the introductory course in accounting. Chapter 9 plant assets, natural resources, and intangible assets. Plant assets, natural resources and intangible assets. Or beginning book value of the current year depreciation expense. Accounting for property, plant, and equipment chapter 9. Chapter 9 plant assets, natural resources, and intangibles.
Weygandt accounting principles 11e solutions manual ch10. Chapter 09 plant assets natural resources and intangible. Weygandt financial accounting 9e chapter 9 plant assets, natural resources, and intangible assets number lo bt difficulty time min. Accounting chapter 9 accounting 2010 with sanders at university of tennessee chattanooga studyblue flashcards. Study 41 accounting chapter 9 flashcards from juan r.
If a company is using its assets efficiently, each dollar of. Accounting information systems chapter 10 solutions. Accounting chapter 10 plant assets, natural resources. Plant assets natural resources and intangible assets summary. Calculate the book value at the time of the revision.
It is your period to get soft file scrap book instead the printed documents. Financial accounting chapter 9 plant and intangible assets. Chapter 9 reporting and analyzing longlived assets. To access resources such as quizzes, powerpoint slides, cpa exam. Explain the accounting for plant asset expenditures. Companies may choose to report plant assets as a single amount, with a note to the financial statements that provides detailed information, or companies may. The name plant assets comes from the industrial revolution era where factories and plants were one of. Chapter 9 plant assets natural resources and intangible assets. We examine asset acquisition issues concerned with use and depreciation, and the sale or disposition of these assets. Start studying accounting chapter 10 plant assets, natural resources, and intangibles.
Accounting 1 chapter 9 book answers chapter 9 plant. Accounting chapter 9 plant and intangible assets solutionsfinancial accounting chapter 9 plant start studying financial accounting. Many plant assets such as machinery, automobiles, and office equipment are disposed of by exchanging them for newer assets. Intermediate accounting 16e chapter 12intangible assets. Explain the basic issues related to accounting for intangible assets. Weygandt intermediate accounting 9e solutions manual ch09. In a typical exchange of plant assets, a tradein allowance is received on the old asset and the balance is paid in cash.
Weygandt financial 2e ifrs ch09 tamkang university. If the fair value of the old machine is less than its book value, tatum should. Journalize entries for disposal of property, plant and equipment assets for the following circumstances. Download principles of accounting textbook pdf latest. Study 31 chapter 8 reporting and interpreting property, plant, and equipment. Here you can, download principles of accounting textbook pdf. Test bank intermediate accounting 14e by kieso chapter 12.
Intangible assets generally arise from two sources. Chapter 9 questions multiple choice harper college. Aplia accounting answers chapter 9 using source documents. The second section of the chapter discusses assets generally classi. Define depreciation, journalize an adjusting entry to record depreciation, and compute depreciation expense, using the straightline, declining balance, and production methods. The accounting for intangible assets acquired in a. Chapter 9 plant assets, natural resources, and intangible.
So 9 indicate how plant assets, natural resources, and intangible assets are reported. Accounting 1 chapter 9 book answers chapter 9 plant assets. Chapter 9 plant assets and intangibles short exercises 5 min. Describe how the cost principle applies to plant assets. View test prep chapter 09 plant assets natural resources and intangible as from accounting acct 2 at city college of san francisco. When an asset is purchased or disposed of at a time other than the beginning or end of an accounting period, depreciation is reported for part of a year.
284 1261 205 504 1317 209 752 807 986 73 675 271 244 436 1619 1354 345 1250 1555 1363 739 810 1094 556 1083 377 1088 1220 159 871 204 1144 819