9

Fixed Assets and Intangible Assets

Learning Goals

Define, classify, and account for the cost of fixed assets.

Compute depreciation, using the following methods:

straight-line, units-of-production, and declining-balance.

Account for the disposal of fixed assets.

Describe and account for intangible assets, such as

patents, copyrights, and goodwill.

Describe how depreciation expense is reported in an

income statement, and prepare a balance sheet that

includes fixed assets and intangible assets.

Analyze the utilization of fixed assets.

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