Accounting for investments under U.S. GAAP Personal Statement

Accounting for investments under U.S. GAAP - Personal Statement Example Investments are categorized as either long-term or short -term investments. Current investments are. Other investments that are not current are categorized as long-term investments (Epstein, Nach & Bragg, 2009). The U.S GAAP provides various standards for accounting for investments. The objective of U.S accounting standards that deal with property plant and equipment is to recommend treatment of property; plant and equipment to enable users of financial information have proper details regarding the enterprises investment in property, plant and equipment and changes in such investments. The main issues in accounting for PPE are recognition of the assets, determination of the assets carrying amounts, the appropriate depreciation charges and impairment losses that are supposed to be recognized in relation to these assets (Thornton, 2013). According U.S GAAP, Property plant and equipment include tangible items that are: 1) held for the purpose of production of goods and services, rental to others, or for administrative needs, 2) anticipated to be used for more than one period and, 3) It is probable that the future economic benefits related with the items will flow to the enterprise and 4) the cost of the PPE can be measured reliably (Thornton, 2013). The cost of an item of PPE is the cash amount or its equivalent, paid in acquiring the asset, commonly adjusted for amortization and other allocations after acquisition. If an enterprise recognizes a liability for retirement of an asset obligation, the carrying amount of the long-lived asset should be increased by an amount equivalent to the liability (Thornton, 2013). Routine maintenance costs should be expensed as they are incurred. Major inspection and repair costs can be expensed as incurred or capitalized and amortized to the subsequent major inspection or repair. Borrowing

English Essay Example | Topics and Well Written Essays - 500 words - 41

English - Essay Example My classes were a lot more difficult, but I appreciated the challenge and for awhile it gave me a real sense of accomplishment and self-esteem. I started participating in class more and found a lot of academic success in my classes. As the year went on and I gradually began to grow a little tired of the routine, I began to wonder if my original exuberance was warranted and slowly an incipient frustration began to take hold within my thoughts. I started to question why I ever had become so self-satisfied with my accomplishments in school and what difference would it even make. I was frustrated and wanted a new path, or at least some deeper answers. This is when things changed. I met a student in the classes when had grown jaded with the program. I became entirely convinced that his outlook on life was somehow more accurate than mine and that the frustration I had with my daily existence could be alleviated if I could only understand things the way he did. We slowly became friends and while I was never able to abandon my attention to school, I did gradually adopt his perspective. I needed to find an end to my frustration with school and find something that really meant something. I became curious as where my friend went when he skipped class, as he oftentimes did towards the end of the day. I once asked him. When Friday arrived, we met outside of class and off I followed him down a path adjacent to the cafeteria, and into the woods. I thought I would feel a lot more scared than I did skipping school and all, but I’d felt so bored and frustrated with my daily life that it really didn’t scare me as glanced around and then stepped into the forest. I followed him through a path for a few minutes and then we jumped over a fence. When we finally got to the destination there were other kids and they were splayed about acting strange, surrounded by a bag of mushrooms they had collected on the ground. I wasn’t about to