Accounting for Long-Term Operational Assets

1. Identify different types of long-term operational assets.

2. Determine the cost of long-term operational assets.

3. Explain how different depreciation methods affect financial statements.

4. Determine how gains and losses on disposals of longterm operational assets affect financial statements.

5. Identify some of the tax issues which affect long-term operational assets.

6. Show how revising estimates affects financial statements.

7. Explain how continuing expenditures for operational assets affect financial statements.

8. Explain how expense recognition for natural resources (depletion) affects financial statements.

9. Explain how expense recognition for intangible assets (amortization) affects financial statements.

10. Understand how expense recognition choices and industry characteristics affect financial performance measures.