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ACCTG211(SP11-WC) #4

Chapter 4

QuestionAnswer
A way to allocate the total cost paid for several long-term assets purchased together; each asset’s assigned cost is equal to the product of the total cost and the asset’s percentage of the total market value of the assets Relative Fair Market Value Method
Rights, privileges, or benefits that result from owning long-lived assets that lack physical substance e.g., patents, trademarks, copyrights Intangible Assets
Assets with physical substance; can be seen and touched e.g., buildings, equipment, land Tangible Assets
Useful life is expressed as the total units of activity or production expected from an asset; the asset is written off in proportion to its activity during an accounting period Depreciation Method: Activity or Units or Production
An equal amount of depreciation expense is recognized in each accounting period of an asset’s life Depreciation Method: Straight-Line
The amortization of a natural resource Depletion
Cost that is recorded as an asset at the time it is incurred Capital Expenditure
The price at which an asset could be exchanged in the market between willing buyers and sellers Market Value
The write-off (or expensing) of the cost of a long-term asset over multiple accounting periods; usually relates to intangible assets Amortization
To record a cost as an asset rather than an expense Capitalize
The difference between the proceeds from the sale of a long-term asset and the book value at the time of the sale; positive differences are gains, negative differences are losses Gains and Losses
An accelerated method of depreciation in which depreciation expense is based on a percentage of the asset’s book value; depreciation expense is higher in the early part of an asset’s life and lower in the later part of an asset’s life Depreciation Method: Double Declining Balance
Created by: jlb89
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