Identification of Long-Term Assets Terminology
Identification of Long-Term Assets Terminology
P1.Common terms associated with long-term assets follow.
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a. Tangible assets g. Depreciation b. Natural resources h. Depletion c. Intangible assets i. Amortization d. Additions j. Revenue expenditure e. Betterments f. Extraordinary repair
ReQUIReD
1. For each of the statements that follow, identify the term with which it is associated. (If two terms apply, choose the one that is most closely associated.) 1. Periodic cost associated with intangible assets.
2. Cost of constructing a new wing on a building.
3. A group of assets encompassing property, plant, and equipment.
4. Cost associated with enhancing a building but not expanding it.
5. Periodic cost associated with tangible assets.
6. A group of assets that gain their value from contracts or rights.
7. Cost of normal repairs to a building.
