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?