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CPA Financial Accounting Study Q-card
These Q-card PPT cover all the material knowledge points related to core 1 (Financial Accounting exam). I also used it to study for my CFE exam last year.
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Financial Accounting,Property, Plant, and Equipment (PP&E)
PP&E are expenditure on tangible items that have an extended futur
benefit of longer than one year.
Chapter 6
• Recognition (x 2)
• Capitalized as PP&E costs ( 3 components)
,Property, Plant and Equipment (PP&E)
Recognition
PP&E is only recognized as an asset if the following criteria apply:
- It is probable that future economic benefits associated with the item will flow to the
- The cost of the item can be measured reliably.
Generally, all costs to acquire, construct, and bring the asset to an operational state are
considered part of the cost of the asset
Capitalized as PP&E comprises three components:
- Its purchase price, including import duties and non-refundable purchase taxes, after
trade discounts, and rebates
- Any costs directly attributable to bring the asset to the location and condition necess
to be capable of operating in the manner intended by management
- The initial estimate of the cost of dismantling and removing the item and restoring th
which it is located. [Decommission Provision or Asset Retirement Obligation]
, Property, Plant, and Equipment (PP&E)
• Purchase Equipment
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