Tangible assets that are arrached to natural resources are depreciated over a. The life of the natural resource b. The shorter of the tangible asset's life or the natural resource's life c. The life of the tangible asset d. The longer of the tangible asset's life or the natural resource's life

3) Which of the following best describes a depreciation base?7) The acquisition cost of an asset relative to its fair value O The estimated market value of an asset at the end of its useful life O The historical cost of an asset less the depreciation recognized to date O The amount that should be expensed over an asset's useful life

Explain what is meant by the impairment of the value of property, plant, and equipment and intangible assets. How should these impairments be accounted for?

In interest capitalization related to self constructed assets, all of the following must occur before the capitalization window begins except: A.Expenditures for the assets have been incurred   B.Depreciation of the asset being built has been recognized   C.Activities that are necessary to get the asset ready for its intended use are in progress   D.Interest has to be incurred

Why is the cost of certain kinds of property not recoverable at all by way of depreciation, depletion, or amortization deductions? In addition to answering that question, give three examples of the kinds of assets that are not subject to “cost recovery”.

Allocating the cost of a natural resource to the units removed is called amortization. True False 2.Costs incurred to acquire long-lived assets are capital expenditures. True False 3.Accumulated depreciation, as used in accounting, may be defined as: o An expense of doing business. o Funds (or cash) set aside to replace the asset being depreciated. o portion of the cost of plant asset recognized as expense since asset was acquired. o Earnings retained in the business.4.  On January 1, 1999, Ubot Inc. purchased a piece of equipment for $60,000. It is estimated to have an economic life of 5 years and a salvage value of $10,000. The 200% declining-balance method for depreciation is used. What is the book value of the asset at the end of year 2000 ? A. o $24,000 B. o $40,000 C. o $36,000 D. o $21,600 5.It is not necessary to disclose the maturity dates of long-term obligations on the financial statements. True False   6.The…

TRUE OR FALSE Amortization of intangibles is usually done over the asset’s legal life.

Name depreciation methods that deduct residual value before an asset is depreciated.

What are the reason for seeking an acquisition of intangible assets?

Which of the following costs incurred internally to create an intangible asset is generallyexpensed? a. Research and development costs.b. Filing costs.c. Legal costs.d. All of the above.