85
Chapter 3
Long-Term Assets
Assessment Questions
AS-1 (
1
)
Where are long-term assets listed on the balance sheet?
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AS-2 (
1
)
Define long-term assets. Give an example of a long-term asset.
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∂
Identify the characteristics of long-term
assets
∑
Record the acquisition and changes in the
value of property, plant and equipment
∏
Apply the three methods of depreciation of
property, plant and equipment
π
Account for the gain or loss on disposal of
asset and changes in depreciation estimates
∫
Account for natural resources
ª
Define and account for intangible assets and
describe the different types of intangible
assets
º
Calculate and interpret asset turnover and
return on asset ratios
Ω
Describe controls related to long-term
assets
æ
Describe ethical approach related to long-
term assets
learning outcomes
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