Accounting chapter 11 Depreciation, Depletion, and Amortization Questions With 100% Verified Answers.
4 views 0 purchase
Course
AMORTIZATION
Institution
AMORTIZATION
Give some examples of long term assets? - correct answer Property, Plant, Equipment, and Intangibles
What makes an asset long-term? - correct answer They have benefits over a prolonged period of time.
When should the co...
Accounting chapter 11 Depreciation,
Depletion, and Amortization
Give some examples of long term assets? - correct answer Property, Plant,
Equipment, and Intangibles
What makes an asset long-term? - correct answer They have benefits over a
prolonged period of time.
When should the costs for these long term assets such as property, plant, and equipment be
recognized? - correct answer Over a period of time as the benefits are obtained.
What are the three methods for allocating costs to long-term assets? DDA - correct answer
Depreciation, Depletion, and Amortization
Which long- term asset is each of the three methods of depreciation, depletion, and amortization used
for? - correct answer Depreciation is used for Property, Plant and Equipment.
Depletion is used for Natural Resources
Amortization is used for intangible assets with finite lives.
What are the three things we need in order to measure long-term asset cost allocation? - correct answer
Cost allocation base, allocation period, and allocation method.
What is cost allocation base? - correct answer The amount of costs to be allocated.
Aquisition cost- any salvage or residual value.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RealGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.