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Ebook Fundamentals of financial accounting (3rd edition): Part 2

(BQ) Part 2 book "Fundamentals of financial accounting" has contents: Reporting and interpreting long lived tangible and intangible assets, reporting and interpreting the statement of cash flows, measuring and evaluating financial performance,. And other contents. | Confirming Pages CHAPTER 9 Reporting and Interpreting Long-Lived Tangible and Intangible Assets YOUR LEARNING OBJECTIVES Understand the business LO1 Define, classify, and explain the nature of long-lived assets. Study the accounting methods LO2 LO3 LO4 LO5 LO6 Apply the cost principle to the acquisition of long-lived assets. Apply various depreciation methods as economic benefits are used up over time. Explain the effect of asset impairment on the financial statements. Analyze the disposal of long-lived tangible assets. Analyze the acquisition, use, and disposal of long-lived intangible assets. Evaluate the results T H AT WAS THEN In the past few chapters, you learned about the sale of goods and services to customers. LO7 LO8 Interpret the fixed asset turnover ratio. Describe factors to consider when comparing companies’ long-lived assets. Review the chapter Lecture Presentation–LP9 www.mhhe.com/phillips3e 400 phi27106_ch09_400-449.indd 400 10/20/09 6:37:05 PM Confirming Pages FOCUS COMPANY: Cedar Fair www.cedarfair.com M ost people agonize over how much money to spend on a house or which car to buy. After all, they will own these expensive items for many years to come. The same concerns exist when companies acquire long-lived assets. One of the major challenges business managers face is determining the right amount to invest in long-lived assets. The task is especially challenging for companies such as Disney, Six Flags, and Cedar Fair, which operate amusement parks. Unlike merchandising companies, an amusement park cannot build up an inventory of unused roller-coaster seats to be sold sometime in the future. If managers build more rides than needed to satisfy park-goers, some rides will run with empty seats. Although the company will still incur all the costs of running the rides, it will generate only a fraction of the potential revenue. On the other hand, amusement parks can also run into trouble if they have too few rides to .