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Assets & Fixed Assets
CIP & Capitalization
Adjustments, Impairments, and Dispositions
Depreciation
Miscellaneous
100
Fixed assets are recorded at this amount on the balance sheet.
What is the purchase price (historical cost)?
100
This is the question you should ask when determining whether to capitalize and asset.
Is the asset ready for its intended purpose?
100
Adjustments that significantly increase the quality of output should be accounted for this way.
What is capitalized?
100
This is the only fixed asset that is not depreciated.
What is land?
100
In GAAP, managers use this to determine economic useful life.
What is reasonable judgment?
200
Fixed Assets fall into this category on the balance sheet.
What is non-current (long term) assets?
200
Depreciation begins when this occurs.
What is the asset is capitalized?
200
A significant decrease in the fair value of an asset is an indicator of this.
What is impairment?
200
This depreciation account sits on the balance sheet.
What is accumulated depreciation?
200
This is the Codification number for Plant, Property, and Equipment.
What is ASC 360?
300
When determining economic useful life, GAAP uses a ________ ________ approach.
What is principle based?
300
Debit this account when expenditures will eventually be capitalized but the asset is not yet ready for use.
What is CIP?
300
Additional spend that restores an asset that has been damaged by a tornado should be recognized this way.
What is expensed?
300
This GAAP concept is the reason we expense fixed assets over their economic useful life.
What is the matching principle?
300
Historical cost less accumulated depreciation.
What is Net Book Value?
400
In order to be classified as an asset, it must provide _____ ____ _____.
What is future economic benefit?
400
Credit this account when capitalizing an asset that was not originally ready for its intended purpose upon purchase.
What is CIP?
400
Gains and losses can be recognized on these types of dispositions (2).
What are sales and exchanges?
400
This type of depreciation expenses more of the asset early in its life.
What is accelerated (double-declining) depreciation?
400
When retiring an asset, this account is always debited.
What is accumulated depreciation?
500
This internal control requires purchasers to have the appropriate level of this.
What is DOA?
500
Fixed Assets have their own category on the balance sheet. This is another section of long term assets.
What is intangible assets?
500
This is the formula to determine fair value.
What is the NPV(FCF)?
500
GAAP and Tax determine this depreciation variable differently.
What is ECONOMIC useful life?
500
This person is the greatest Jeopardy host of all time.
Who is Alex Trebek?