Chapter 4
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| 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
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| Rights, privileges, or benefits that result from owning long-lived assets that lack physical substance e.g., patents, trademarks, copyrights | Intangible Assets
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| Assets with physical substance; can be seen and touched e.g., buildings, equipment, land | Tangible Assets
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| 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
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| An equal amount of depreciation expense is recognized in each accounting period of an asset’s life | Depreciation Method: Straight-Line
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| The amortization of a natural resource | Depletion
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| Cost that is recorded as an asset at the time it is incurred | Capital Expenditure
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| The price at which an asset could be exchanged in the market between willing buyers and sellers | Market Value
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| The write-off (or expensing) of the cost of a long-term asset over multiple accounting periods; usually relates to intangible assets | Amortization
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| To record a cost as an asset rather than an expense | Capitalize
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| 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
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| 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
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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