Your Perfect Assignment is Just a Click Away

We Write Custom Academic Papers

From as Little as $6

100% Original, Plagiarism Free, Customized to your instructions!

glass
pen
clip
papers
heaphones

Central Michigan University Long Term Assets Accounting Discussion

Central Michigan University Long Term Assets Accounting Discussion

Question Description

I’m studying for my Accounting class and don’t understand how to answer this. Can you help me study?

1.) What is the ultimate purpose of long-term assets? How should the cost of these assets be allocated over the asset’s useful life? Why is depreciation not synonymous with valuation?

2.)Select one of the following short-term (current) liabilities and describe some of the accounting requirements for recognizing/accounting for it:

  1. Accounts Payable
  2. Notes Payable
  3. Payroll
  4. Contingent Liabilities

Then describe how working capital, current ratio and quick ratio can be useful in making economic decisions. Who would be making these decisions?

Each question must be answered separately in minimum of 200 words (no quotes) that indicates an understanding of the concepts and materials !!!