Description

Library for ACC 113

Financial Accounting II

Accounting for partnerships and corporations: capital stock; dividends and retained earnings; long-term liabilities and investment; statement of changes in financial position; cash flows, analysis, and interpretation of financial statements, manufacturing accounts.

Chapter 10

After you finish studying this chapter, you should be able to understand the below:

• Understanding the Definition of Plant assets.
• Ability to give an example of the type of plant assets(land, land improvement, Building & Equipment)
• Understanding the definition of Depreciation and knowing the methods of depreciation(SLM, DDB,UOA)
• Know how to calculate the(full/partial) depreciation by using three methods
• Preparing the adjusting journal entry for depreciation and preparing the partial balance sheet
• Calculate the revised annual depreciation & knows when we use it.
• Know the methods of disposal of plant assets(Retirement/discarding, Sale of plant assets) and know how to prepare the journal entries
• Differentiate between capital & Revenue expenditure and know how to prepare the journal entries.
• Ability to give an example of NATURAL RESOURCES
• Understanding the definition of Depletion, & know how to calculate, prepare the adjusting entry
• Ability to give an example of INTANGIBLE ASSETS
• Understanding the definition of Amortization, & know how to calculate, prepare the adjusting entry