Accounting

As you learned in your reading of Chapter ten, equipment is one type of plant asset. Other types include land, buildings, computers, and furniture. Often plant assets are referred to as Property, Plant, and Equipment. Plant assets have some special characteristics. For example:

You hold them for use in the business—not to sell as inventory.
Also, plant assets are relatively expensive.
The full cost invested in plant assets can be a challenge to determine, because of the difficulty of tracking installation, shipping, and other costs related to the asset.
Plant assets usually last several years and, as a result, should be allocated (or depreciated) over the years they are expected to be used.
Accounting for the disposal of a plant asset is important because the disposal may create a gain or loss that must be reported on the income statement

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As you can see, plant assets pose some accounting challenges. Suppose that someone said, “Depreciation does not come close to accumulating the cash needed to replace the asset at the end of its useful life.”

What is your response to that statement? Do you agree or disagree?

What parts of the depreciation process are effective?
How would you change or alter those parts that are not effective?
Do you think depreciation is effective for certain types of property, plant and equipment, but not others?

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