Chapter 9 Flashcards
1
Q
Strait line method
A
Equal periodic depreciation over assets estimated life
Annual depreciation = (cost - residual value) / useful life
2
Q
3 Depreciation Methodes
A
Strait-line method
Units of activity method
Double declining balance
3
Q
Units of activity method
A
Depreciation per hour = (initial cost - residual value) / total estimated units of activity
4
Q
Double declining balance method
A
5
Q
Journalize Depletion under what account name
A
Depletion Expense
Debit - depletion expense
&
Credit-accumuled depletion
6
Q
Copyright
A
Exclusive right to sell and publish
Literary, artistic, & musical compositions
7
Q
Tangible and Intangible assets are listed on balance sheet
A
Separately
8
Q
Capital expenditure
A
Cost to improve or extend an assets life
