ACCTMIS 2200 Final: 15. Exam Review

• School: Ohio State University
• Department: Accounting and Management Info
• Course: ACCTMIS 2200
• Professor: Marc Smith

Document Summary

Unrealized gain/loss - results from mark-to-market i. ii. Record share of ni as increase to investment and investment revenue i. When acquired, record at cost to get ready for use (asset) i. Sales tax, freight costs, installation costs, repair costs prior, assembly costs, fees. Account for any capital expenditures made during life (increase life) i. Book value = cost of asset - accumulated depreciation. Straight line dep / year = (cost - residual) / life in years. Double-declining dep / year = book value 1/1 * (2/life) Dep cost per unit = (cost - residual)/(total estimated usage) Dep exp/year = (dep cost per unit) * (actual usage for year) Account for sale or disposal i. ii. iii. iv. Need to find price for each individual asset purchased. Cost assigned to ppe = (market value of asset)/(total market value of purchase) x. New dep exp / year = (book value - residual)/remaining useful years.