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Ch 1: Accounting for Fixed & Intangible Assets

About This Chapter

With help from this self-paced chapter, you can easily review accounting for fixed and intangible assets as needed. We've created these video lessons and their accompanying quizzes to make it easy for you to finish your homework or catch up after having missed class.

Accounting for Fixed & Intangible Assets - Chapter Summary

Expert instructors present fixed and intangible asset accounting in this helpful and mobile-friendly chapter. Each lesson provided here covers a related topic such as methods of depreciation, writing off plant assets and accounting for natural resource assets. Take your time as you move through this chapter, and feel free to go back as many times as needed to review the information provided here. It's easy to re-watch just one portion of a video lesson with our handy video tabs feature for easy navigation. You can study any time you would like with the learning tools we've included in this chapter. Once you've completed these lessons, you should be ready to:

  • Give examples of fixed assets
  • Define intangible asset
  • Outline different methods of depreciation, including accelerated depreciation methods
  • Explain how depreciation is reported on the balance sheet
  • Detail the process of writing off plant assets from financial statements
  • Provide examples of amortization of intangible assets
  • Describe accounting for natural resource depletion

9 Lessons in Chapter 1: Accounting for Fixed & Intangible Assets
Test your knowledge with a 30-question chapter practice test
What Are Fixed Assets? - Definition & Examples

1. What Are Fixed Assets? - Definition & Examples

A company may own different kinds of resources, among which are fixed assets. This lesson explains what fixed assets are, provides examples, and notes the importance of a business' industry in determining fixed assets.

Methods of Depreciation

2. Methods of Depreciation

After watching this video lesson, you will understand the differences between the different depreciation methods that are available to you. We will discuss three different methods depending on how you use the equipment that you want to calculate the depreciation for.

Accelerated Depreciation Methods

3. Accelerated Depreciation Methods

When it comes to calculating depreciation amounts for large office equipment or vehicles, there are two common methods that allow you to calculate more depreciation in the first few years of the product's life. Learn about them in this video lesson.

Reporting Depreciation on the Balance Sheet

4. Reporting Depreciation on the Balance Sheet

In this video lesson, we talk about how to report depreciation on the balance sheet versus the income statement. Learn why the numbers may be different.

Writing Off Plant Assets from Financial Statements

5. Writing Off Plant Assets from Financial Statements

In this lesson, we'll discuss how accountants write off a plant, property, or equipment from the balance sheet. We'll use two examples: one from a personal balance sheet and another from an electric utility who just bought a power plant.

What Are Intangible Assets? - Definition & Types

6. What Are Intangible Assets? - Definition & Types

Determine how to separate intangible assets from tangible assets. Intangible assets are those that include goodwill, patents, and copyrights. Also find out more about how to classify an intangible asset as definite or indefinite.

Amortization of Intangible Assets: Definition & Examples

7. Amortization of Intangible Assets: Definition & Examples

Intangible assets cannot be seen or touched. In this lesson, we'll learn how to place a valuation on intangible assets and spread that valuation over their useful lives.

Accounting for Natural Resource Assets & Depletion

8. Accounting for Natural Resource Assets & Depletion

Many companies are in the business of mining natural resources from the earth. How does a company account for the value of the land as those assets are removed? This lesson will describe the accounting procedure called depletion.

Contra Accounts & Accumulated Depreciation

9. Contra Accounts & Accumulated Depreciation

Let's go through an example and see how depreciation is calculated and how depreciation expense is journalized. We will also see how the contra account called accumulated depreciation reduces the value of the asset on the balance sheet.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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