Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 242

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
Estimated useful life is expressed in terms of expected use
Cost less accumulated depreciation
Small expenditures which primarily benefit the current period
Process of allocating the cost of an depreciable asset over its useful life
Results in an equal amount of depreciation each period
Material expenditures which increase an asset's operating efficiency, productive capacity, or useful life
Expected cash value of the asset at the end of its useful life
Long-lived resources that are used in operations and are not intended for resale
An accelerated depreciation method used for income tax purposes
An accelerated depreciation method used for financial statement purposes
Responses:
Straight-line method
Capital cost allowance
Residual value
Long-lived assets
Operating expenditures
Depreciation
Capital expenditures
Carrying amount
Diminishing-balance method
Units-of-production method

Correct Answer:

Estimated useful life is expressed in terms of expected use
Cost less accumulated depreciation
Small expenditures which primarily benefit the current period
Process of allocating the cost of an depreciable asset over its useful life
Results in an equal amount of depreciation each period
Material expenditures which increase an asset's operating efficiency, productive capacity, or useful life
Expected cash value of the asset at the end of its useful life
Long-lived resources that are used in operations and are not intended for resale
An accelerated depreciation method used for income tax purposes
An accelerated depreciation method used for financial statement purposes
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