Accounting Chapter 11 depletion and amortization Comprehensive Exam Questions With Guaranteed Answers.
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Course
AMORTIZATION
Institution
AMORTIZATION
What is the most common method of depletion? - correct answer Units of production
Depletion formula? - correct answer Cost less residual value or salvage value divided by estimated total amount to be extracted.
What is ...
What is the most common method of depletion? - correct answer Units of
production
Depletion formula? - correct answer Cost less residual value or salvage value
divided by estimated total amount to be extracted.
What is the journal entry to record depletion? - correct answer Debit to depletion
expense and a credit to whatever natural resource asset you have such as a copper mine or oil feild.
What is amortization - correct answer allocating costs to intangible assets
When is the only case where an intangible asset must be amortized? - correct answer
If the intangible asset has a limited useful life.
Which of the intangible assets are never amortized? - correct answer Goodwill and
tradenames
What is the journal entry for amortization adjustments at the end of the year? - correct answer
You debit amortization expense and credit the intangible asset such as a copy right.
What is the method that we use to calculate amortization? - correct answer
Basically we use the straight-line method.
What are some examples of accounting estimates? - correct answer Warranties and
depreciation
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