Explain the concept of cost allocation as it pertains to operational assets.
Determine periodic depreciation using both time-based and activity-based methods.
Calculate the periodic depletion of a natural resource.
Calculate the periodic amortization of an intangible asset.
Explain the appropriate accounting treatment required when a change is made in the service life or residual value of an operational asset.
Explain the appropriate accounting treatment required when a change in depreciation, amortization, or depletion method is made.
Explain the appropriate treatment required when an error in accounting for an operational asset is discovered.
Identify situations that involve a significant impairment of the value of operational assets and describe the required accounting procedures.
Discuss the accounting treatment of repairs and maintenance, additions, improvements, and rearrangements to operational assets.