ACCTG211(SP11-WC) #4 Word Scramble
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| Question | Answer |
| 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 |
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