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Cost Management
Home PDU for the PMP® / Technical

Analysis of Property and Equipment

USD 15.00
instructor
Instructor
Alan Fata
Category
Technical
Difficulty
Easy
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Course Highlight Curriculum Course Content Take The Test
Learning Objectives:
  1. Recognize that tangible operating assets with lives of over one year (such as property and equipment) are initially reported at historical cost.
  2. Understand the rationale for assigning the cost of these operating assets to expense over time if the item has a finite life.
  3. Recognize that these assets are reported on the balance sheet at book value, which is cost less accumulated depreciation.
  4. Explain the reason for not reporting property and equipment at fair value except in specified circumstances.
  5. Determine the guiding accounting rule that helps ascertain which costs are capitalized in connection with property and equipment and which are expensed.
  6. List the variables that impact the amount of depreciation to be expensed each period.
  7. Recognize that the straight-line method predominates in practice but any system that provides a rational approach can be used to create a pattern for depreciation.
  8. Understand the need to record depreciation for the current period prior to the disposal of property or equipment.
  9. Construct the journal entry to record the disposal of property or equipment and the recognition of a gain or loss.
  10. Explain the half-year convention and the reason that it is frequently used by companies for reporting purposes.
  11. Explain the justification for accelerated methods of depreciation.
  12. Compute depreciation expense using the double-declining balance method.
  13. Realize that the overall impact on net income is not affected by a particular cost allocation pattern.
  14. Describe the units-of-production method, including its advantages and disadvantages.
  15. Compute depletion expense for a wasting asset such as an oil well or a forest of trees.
  16. Explain the reason that depletion amounts are not directly recorded as an expense.
  17. Record the exchange of one asset for another based on fair value and explain the rationale for this method of recording.
  18. Determine when the fair value of an asset received is used for recording an exchange rather than the fair value of the property surrendered.
  19. Compute the allocation of cost between assets when more than one is required in a single transaction.
  20. Know when expenditures must be capitalized for an asset that has been in use for some time and the impact on future depreciation expense calculations.
  21. Recognize the type of assets that are often labeled as land improvements and understand that the distinction between land and land improvements is not always clear.
  22. Perform the two tests utilized to identify the need to recognize a loss because of impairment in the value of property or equipment.
  23. Explain the justification for capitalizing interest incurred during the construction of property and equipment.
Course Features
Credits:
3 PDU
Skill section:
Technical
Access:
Lifetime
Test questions:
15
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