1. ordinary repairs, extraordinary repairs and betterments

Explain the difference between ordinary repairs, extraordinary repairs and betterments, be sure to give an example of each.

Which are Capital Expenditures and which are Revenue Expenditures

How is each recorded in the accounting records?

How does each affect the Income Statement?

How does each affect the Balance Sheet

2. Capital Expenditures vs Revenue Expenditures

Explain the difference between Capital Expenditures and Revenue Expenditures

How is each recorded in the accounting records?

How does each affect the Income Statement?

How does each affect the Balance Sheet

3. Land and Land Improvements

Explain the difference between between Land and Land Improvements?

How does depreciation affect Land or Land Improvements in your accounting records?

4. Amortization, Depletion, Depreciation and Impairment

Explain the difference between Amortization, Depletion, Depreciation and Impairment?

Which type of asset would each apply to?

Which depreciation methods can you apply to each?