Title: Module 2 Introduction: (CU3 M2) Long-term and Other Assets
Course: SkillsCom BA 211 15.0 > Section: Credit Unit 3 Module 2

This Module begins with definitions of the three major categories of long-term assets, fixed assets (plant assets), intangible assets, natural resources, and their respective cost allocation methods of depreciation, amortization, and depletion. Next, a detailed discussion of depreciation is presented, including estimated useful life, residual value, and three methods of calculation. Then we define intangible assets and reporting of long-term assets on the balance sheet is illustrated. Finally, the calculations for return on assets and fixed asset turnover ratio are shown.

Module Outcomes:

- Understand the interrelationship of accounting to other areas of business.
- Have familiarity with generally accepted accounting principles.
- Interpret the effect of business transaction on the accounting system.