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Q1. Explain why we depreciate assets over their useful lives instead of just expensing them in the year they are acquired?

Q2. In chapter 8 of our text we learned that a depreciation expense is a non-cash item and is added back to the operating activities of the cash flow statement using the in-direct presentation method.  Briefly discuss why this activity takes place and its impact on operating activities.  (Depreciation - Chapter 10)

Q3. What equation describes the periodic inventory system?

Q4. Briefly discuss and compare the four major alternative cost-flow assumptions for inventory.

Q5. Review the "Valuing Goodwill" article.  What are goodwill and intangible assets?  Why might you want to value these items?  What is impairment testing?

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