Solved

Match the Following Definitions with the Appropriate Term

Question 244

Matching

Match the following definitions with the appropriate term

Premises:
An estimate of an asset's value at the end its benefit period.
Major repairs that extend the useful life of a plant asset beyond its original estimate.
Alternations or improvements to leased property made by the lessee.
A right granted that gives its owner the exclusive privilege to publish and sell musical, literary, or artistic work during the life of the creator plus 70 years.
A condition where a plant asset is no longer useful in producing goods or services with a competitive advantage.
The total cost of a plant asset less its accumulated depreciation.
The process of allocating the cost of natural resources to the periods when they are consumed.
An exclusive right granted to its owner to manufacture and sell an item, or to use a process, for 20 years.
The insufficient capacity of plant assets to meet the company's productive demands.
Assets that increase the benefits of land, have a limited useful life, and are subject to depreciation.
Responses:
Extraordinary repairs
Obsolescence
Leasehold improvements
Depletion
Salvage value
Book value
Land improvements
Copyright
Inadequacy
Patent

Correct Answer:

An estimate of an asset's value at the end its benefit period.
Major repairs that extend the useful life of a plant asset beyond its original estimate.
Alternations or improvements to leased property made by the lessee.
A right granted that gives its owner the exclusive privilege to publish and sell musical, literary, or artistic work during the life of the creator plus 70 years.
A condition where a plant asset is no longer useful in producing goods or services with a competitive advantage.
The total cost of a plant asset less its accumulated depreciation.
The process of allocating the cost of natural resources to the periods when they are consumed.
An exclusive right granted to its owner to manufacture and sell an item, or to use a process, for 20 years.
The insufficient capacity of plant assets to meet the company's productive demands.
Assets that increase the benefits of land, have a limited useful life, and are subject to depreciation.
Related Questions

Q235: The federal income tax rules for depreciating

Q236: Westport Company reports the following in millions:

Q237: A company purchased mining property for $1,560,000.

Q238: Identify the balance sheet classification of

Q239: A _results from revising estimates of

Q240: A company paid $320,000 for equipment that

Q241: _are capital expenditures that make a

Q242: Revenue expenditures to keep an asset in

Q243: Additional costs of plant assets that provide

Q245: Match the following definitions with the

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents