Discuss recording property,plant,and equipment at its historical cost and then recording depreciation over the useful life.Why not record the entire purchase cost as an expense at time of purchase?

Accounting

Additionally, provide a summary of the accounting concepts learned through the readings and practice quizzes for this week.  Demonstrate your understanding of the week’s concepts.  If you need ideas regarding topics to discuss, see ideas below.  The more detailed your write-up documenting your understanding the higher it will be graded.  (See Rubric for details.)

Complete the report below as a Word document and submit in the Assignment Folder for week 1 Homework.
Additionally, here are some topics to consider:

Discuss recording property,plant,and equipment at its historical cost and then recording depreciation over the useful life. Why not record the entire purchase cost as an expense at time of purchase?

Discuss types of intangible assets reported as a long term asset.

What are the components of stockholder’s equity (what types of transactions affect owner’s equity)?

When a corporation buys previously issued stock back off the market, what is it called?  How does it impact owner’s equity?

What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were able to grasp?  Post questions in the homework discussion thread!