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