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Chapter 10: Long-Term Assets
L01 Types of Long-Term Assets and Issues Related to Accounting for them
Long-Term Assets:
o Useful life > 1
o Used in operations
o Not for sale
Carrying Value or Book Value (vs. basis)
Asset Impairment
o Occurs when future cash flow (w/o discount) < carrying value
o Reduce carrying value to present value for future cash flows
Tangible Assets Depreciation (except Land)
Natural Resources Depletion
Intangible Assets Amortization (except goodwill)
Acquisition of long term assets (investing activity)
o Payback period
o NPV calculation
Financing long-term assets (financing activity)
o Matching the period of estimated useful life the period of payback
o NYS example with school districts
Applying Matching Rule to Long-Term Assets
o Relevance vs. Reliability
1. Determine cost (original carrying value)
2. Allocate against revenue
3. Distinguish between repairs and betterments for accounting purposes......
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Title: Accounting Assets
Approximate Word Count: 5506
Approximate Pages: 23 (250 words per double-spaced page)
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