Property, Plant, and Equipment and Intangible Assets

Flashcards to review key concepts, definitions, and classifications of property, plant, equipment, and intangible assets.

Property, plant, and equipment includes __.

Land, Buildings, Equipment, Machinery, Furniture, Autos, and Trucks.

Natural resources include __.

Oil and Gas Deposits, Timber Tracts, and Mineral Deposits.

Intangible assets include __.

Patents, Copyrights, Trademarks, Franchises, Goodwill.

The costs that should be capitalized for equipment include __.

Purchase price, sales tax, transportation costs, installation, legal fees.

Capitalized costs of land should include __.

Purchase price, attorney fees, real estate agent commissions, title search costs.

Goodwill represents the unique __ of a company as a whole.

value over and above its identifiable tangible and intangible assets.

In nonmonetary asset exchanges, the asset received is generally valued at __.

fair value.

Costs of natural resources include __.

Purchase price, acquisition, exploration, development, and restoration costs.

The Asset Retirement Obligation is defined as an existing __ associated with the retirement of a tangible, long-lived asset.

legal obligation.

R&D expenses are considered __ in the current year.

expensed immediately.