1. What is the definition of fixed assets? List four examples of fixed assets. What are some other names used for fixed assets?

2. What are the characteristics of fixed assets?

3. What are the steps to determine whether an asset should be classified as a fixed asset, investment, or expense?

4. What are the characteristics of an investment?

5. Review Exhibit 2 be able to recognize the costs included in the following accounts: Building, Machinery & Equipment, and Land.

6. List the five types of costs that are not included in fixed assets. What account should these costs be included in?

7. Which type of ordinary maintenance and repairs to fixed assets are classified as revenue expenditures?

8. Prepare a journal entry for the following revenue expenditure. ABC Company paid $100 for an oil change for a company vehicle.

9. Which type of maintenance and repairs to fixed assets are classified as capital expenditures?

10. Prepare a journal entry for the following capital expenditure. ABC Company paid $10,000 to install a shut off value on the factory machine. The shut off value extended the life of the machine.

11. Describe the following Intangible Assets: Patents, Copyrights and Trademarks and Goodwill (descriptions should include more than one sentence).

12. Where do Intangible Assets appear on the Balance Sheet?

(complete the one you are able to pleas, Thank You in advance)