1. Identify the types of long-term assets and explain the management issues related to accounting for them.



2. Distinguish between capital and revenue expenditures, and account for the cost of property, plant, and equipment.



3. Define depreciation and compute depreciation under the straight-line, production, and declining-balance methods.



4. Account for the disposal of depreciable assets.



5. Identify the issues related to accounting for natural resources and compute depletion.



6. Identify the issues related to accounting for intangible assets, including research and development costs and goodwill.



Supplemental Objective

7. Apply depreciation methods to problems of partial years, revised rates, groups of similar items, special types of capital expenditures, and cost recovery.



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