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ACCT110 Ch 10

Plant Assets, Natural Resources, and Intangibles

QuestionAnswer
Accelerated depreciation method Method that produces larger depreciation charges in the early years of an asset's life and smaller charges in later years.
Amortization Process of allocating the cost of an intangible asset to expense over its estimated useful life.
Asset book value (book value) Asset's acquisition costs less its accumulated depreciation (or depletion, or amortization); also sometimes used synonymously as "the carrying value of an account".
Betterments Expenditures to make a plan asset more efficient or productive; also called improvements.
Capital expenditures Additional costs of plant assets that provide material benefits extending beyond the current period; also called balance sheet expenditures.
Change in accounting estimate Change in accounting estimate that results from new information, subsequent developments, or improved judgement that impacts current and future periods.
Copyright Right giving the owner the exclusive privilege to publish and sell musical, literary, or artistic work during the creator's life plus 70 years.
Cost All normal and reasonable expenditures necessary to get an asset in place and ready for its intended use.
Declining-balance method Method that determines depreciation charge for the period by multiplying a depreciation rate (often twice the straight-line rate) by the asset's beginning-period book value.
Depletion Process of allocating the cost of natural resources to periods when they are consumed and sold.
Depcreciation Expense created by allocating the cost of plant and equipment to periods in which they are used; represents the expense of using the asset.
Extraordinary repairs Major repairs that extend the useful life of a plan asset beyond prior expectations; treated as a capital expenditure.
Franchises Privileges granted by a company or government to sell a product or service under specified conditions.
Goodwill Amount by which a company's or a segment's value exceeds the value o fits individual assets less its liabilities.
Impairment Diminishment of an asset value.
Inadequacy Condition in which the capacity of plant assets is too small to meet the company's production demands.
Indefinite life Asset life that is not limited by legal, regulatory, contractual, competitive, economic, or other factors.
Intangible assets Long-term assets (resources) used to produce or sell products or services; usually lack physical form and have uncertain benefits.
Created by: slk