
CH 8 Acct for Long Term Assets
Flashcard
•
Mathematics
•
University
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What does Acquisition Cost include?
Back
All expenditures necessary to get the asset in place and ready for use.
2.
FLASHCARD QUESTION
Front
What is the term for the value of an item once it has been fully depreciated?
Back
Salvage Value.
3.
FLASHCARD QUESTION
Front
Define a non-current asset.
Back
An asset that cannot be sold without harming the long-term profit generation capacity.
4.
FLASHCARD QUESTION
Front
Is land a depreciating asset over time?
Back
False.
5.
FLASHCARD QUESTION
Front
What is a current asset?
Back
An asset that can be sold without affecting long-term profit generating capacity.
6.
FLASHCARD QUESTION
Front
What are the main categories of long-term assets?
Back
Property, Plant, Equipment (PP&E), Intangible Assets, and Long-term Investments.
7.
FLASHCARD QUESTION
Front
What is the purpose of depreciation?
Back
To allocate the cost of a tangible asset over its useful life.
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