Disposal of Plant Assets: Introduction and Overview
In this chapter, we will explore the process of disposing of plant assets, or long-term physical assets such as equipment, delivery trucks, and machinery, that are no longer useful to a business.
Disposal of Plant Assets: Detailed Explanation
We will delve deeper into the specific steps and journal entries involved in disposing of plant assets. This includes considerations such as the carrying value of the asset at the time of disposal, and how to record any resulting gain or loss.
Accounting for Intangible Assets
In this section, we will examine the accounting treatment of intangible assets, which are long-term assets that do not have physical substance and often relate to legal rights or advantages held by a company.
Accounting for Depletion of Natural Resources
Finally, we will examine the accounting treatment of natural resources such as minerals, oil, and timber, which are extracted from the earth.