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Chapter 9: Plant Assets, Natural Resources, and intangibles

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Horngren'S Financial And Managerial Accounting
Pages: 488 - 544

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81 Questions for Chapter 9: Plant Assets, Natural Resources, and intangibles

  1. What is the depreciation method that is used for tax accounting purposes? How is it different than the methods that are required by GAAP to be used for financial accounting purposes?

    Found on Page 488
  2. If a business changes the estimated useful life or estimated residual value of a plant asset, what must the business do in regard to depreciation expense?

    Found on Page 488
  3. How is discarding of a plant asset different from selling a plant asset?

    Found on Page 488
  4. How is gain or loss determined when disposing of plant assets? What situation constitutes a gain? What situation constitutes a loss?

    Found on Page 488
  5. What is a natural resource? What is the process by which businesses spread the allocation of a natural resource’s cost over its usage?

    Found on Page 488
  6. What is an intangible asset? Provide some examples

    Found on Page 488
  7. What is the process by which businesses spread the allocation of an intangible asset’s cost over its useful life?

    Found on Page 488
  8. : Distinguishing capital expenditures from revenue expenditures consider the following expenditures:

    Found on Page 488
  9. Top Quality Appliance—Long Beach has just purchased a franchise from Top Quality Appliance (TQA). TQA is a manufacturer of kitchen appliances. TQA marketsits products via retail stores that are operated as franchises. As a TQA franchisee,Top Quality Appliance—Long Beach will receive many benefits, including havingthe exclusive right to sell TQA brand appliances in Long Beach. TQA applianceshave an excellent reputation and the TQA name and logo are readily recognized byconsumers. TQA also manages national television advertising campaigns that benefit the franchisees. In exchange for these benefits, Top Quality Appliance—Long Beachwill pay an annual franchise fee to TQA based on a percentage of sales. The annualfranchise fee is a separate cost and in addition to the purchase of the franchise.

    Found on Page 538
  10. Dylan worked for a propane gas distributor as an accounting clerk in a small Midwestern

    Found on Page 488

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