100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
COMM 3120 Midterm 3 Questions And Answers Latest Update (2025)!! $14.89
Add to cart

Exam (elaborations)

COMM 3120 Midterm 3 Questions And Answers Latest Update (2025)!!

 0 purchase

COMM 3120 Study Material – Ace Your Course! Are you taking COMM 3120 and looking for a way to boost your grades? This comprehensive study guide is exactly what you need! What’s Included? Detailed lecture notes Summarized key concepts & theories Study guides for midterms & finals ...

[Show more]

Preview 3 out of 22  pages

  • February 20, 2025
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (10)
avatar-seller
Schoolflix
Q&As




COMM 3120 Midterm 3 Questions
And Answers Latest Update
(2025)!!




three characteristics of all PPE - Answer all long-term

all tangible (no intangibles like patents, copyrights, goodwill)

used in operations (revenue-producing assets*)

-not fixed assets held for resale

-not assets that are held for future use



how is PPE acquired? - Answer purchased

donated

exchanged (non-monetary asset exchanges)

, Q&As
leased

self-constructed

business combination



capitalizing vs expensing PPE - Answer distinguishing assets
that will be beneficial producing revenues for multiple periods
(capitalize) vs

assets that will only benefit us in terms of revenue production in
the current period (expense)

the "matching" principle



what amount do you capitalize for PPE - Answer purchase
price and all expenditures necessary to bring the asset to its
desired condition and location for use

the costs between the acquisition and the ready for use stage are
capitalized as the asset



components of PPE - Answer land

land improvements

buildings and equipment



all measured at historical cost! HC=the cost required to obtain
the asset AND place it in the condition and location necessary for
its intended use

, Q&As
accounting for land - Answer don't depreciate, land is
permanent

capitalize:

-purchase price

-transaction costs (realtor, attorney, surveyor)

-preparing the land for use

-recovered costs (reduces cost of the land)



accounting for land improvements - Answer may or may not
depreciate (can useful life be determined?)

depreciate if land improvement has a definite life: parking lots,
fencing, sewers, etc.

classified "land improvements"

don't depreciate if land improvement has an indefinite life:

certain landscaping

classified "land"



accounting for buildings and equipment - Answer amount to
capitalize:



building

a) price paid

b) transaction costs (realtor, etc.)

c) costs of building permits

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.89. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

71250 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$14.89
  • (0)
Add to cart
Added