Asset Accounting: Depreciation Methods, Intangible Assets, and Natural Resource Valuation

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Finance - Personal Finance

charlotte1oxhi Created by 10 mon ago

Cards in this deck(71)

Which types of assets are typically depreciated over time?

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Which asset is not depreciated because it does not lose value over time?

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What is the primary purpose of depreciation in accounting?

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Depreciation is not used to _____ the fair market value of an asset.

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When are changes to estimates used to calculate depreciation accounted for?

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Which of the following are considered types of intangible assets?

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Intangible assets are typically _____ over their useful life.

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Goodwill is NOT _____ over its useful life.

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What do you do with internally generated goodwill in financial statements?

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What is goodwill considered when included in financial statements?

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Which of the following are considered types of natural resources?

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What do you do with natural resources in accounting?

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What are capitalized costs in the context of asset acquisition?

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Which of the following are included in capitalized costs?

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Which items are NOT included in capitalized costs?

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What happens to research and development costs in accounting?

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When is an asset's salvage value estimated?

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What is the formula for calculating straight-line depreciation?

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What is the formula for the Double Declining Balance depreciation rate?

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How is depreciation expense calculated using the Double Declining Balance method?

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How is new depreciation calculated after a revision of an estimate?

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The exchange of similar and dissimilar assets is always considered to have _____ in this class.

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When do you calculate depreciation up to in the event of a sale?

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What is the term used to calculate gains and losses on the exchange of assets?

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Does IFRS or GAAP allow impairments to be reversed?

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Which accounting standard allows long-term assets to be valued at fair market value?

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Short-term equity securities are valued on the balance sheet at fair market value as what type of asset?

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True or False: Unrealized gains and losses will impact net income.

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What is the journal entry for recording depreciation?

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How do you calculate accumulated depreciation to the date of sale?

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How do you determine the book value at the time of sale?

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What is the journal entry to record the sale of equipment?

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How do you find the book value at the end of year 2?

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What are current liabilities?

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What is the current portion of notes payable?

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What is the long-term portion of notes payable?

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What does debt financing involve?

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What is the purpose of financial ratios in business?

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How is working capital calculated?

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What is the formula for the current ratio?

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What does it mean when the face rate is less than the market rate for bonds payable?

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What does a discount on bonds payable indicate?

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What does it mean when the face rate is greater than the market rate for bonds payable?

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What does a premium on bonds payable indicate?

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What is amortization in the context of bonds?

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What is amortization considered in accounting?

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What are cash proceeds in the context of bond issuance?

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In an amortization table, how is cash calculated?

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In an amortization table, how is interest expense calculated?

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In an amortization table, how is discount or premium amortization calculated?

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How is the discount or premium on bonds shown in an amortization table?

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What is the face value in an amortization table?

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How is carrying value shown in an amortization table?

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What is the journal entry for interest expense with a discount on bonds payable?

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What is the journal entry for interest expense with a premium on bonds payable?

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What is the adjusting entry for notes payable interest expense?

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What is the journal entry to record payment of notes payable?

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How do you calculate semiannual payments for bonds?

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What are the characteristics of a sole proprietorship and partnership?

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What are the characteristics of a C Corporation?

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What are the characteristics of an S Corporation?

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What are the characteristics of an LLC?

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What are the rights associated with common stock?

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What are the characteristics of preferred stock?

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How are shares outstanding calculated?

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What is treasury stock?

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What effect does treasury stock have on shareholders' equity?

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What is the journal entry for declaring dividends?

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What is the journal entry for recording dividends?

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What is the journal entry for the payment of dividends?

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How is a partnership agreement structured in terms of income allocation?

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