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Test 3 | ACCT 2101 - Principles of Accounting I, Quizzes of Accounting

Class: ACCT 2101 - Principles of Accounting I; Subject: Accounting; University: University of Georgia; Term: Fall 2013;

Typology: Quizzes

2012/2013

Uploaded on 10/29/2013

josh-gish-581
josh-gish-581 🇺🇸

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TERM 1
Land Improvements
DEFINITION 1
charged to land improvement account, parking lot surfaces,
driveways, fences, shrubs, and lighting systems, limited
useful lives
TERM 2
Why is accelerated depreciation used for
taxes?
DEFINITION 2
it reports a lower taxable income at the beginning to
postpone taxes for later
TERM 3
Betterment
DEFINITION 3
improvements, more efficient or productive repairs, added to
machinery account
TERM 4
extraordinary repairs
DEFINITION 4
extend asset's useful life beyond original estimate, capital
expenditures
TERM 5
patent
DEFINITION 5
right to sell patented item for 20 years, when purchased it is
debited to Patents account, amortized over time
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Land Improvements

charged to land improvement account, parking lot surfaces, driveways, fences, shrubs, and lighting systems, limited useful lives TERM 2

Why is accelerated depreciation used for

taxes?

DEFINITION 2 it reports a lower taxable income at the beginning to postpone taxes for later TERM 3

Betterment

DEFINITION 3 improvements, more efficient or productive repairs, added to machinery account TERM 4

extraordinary repairs

DEFINITION 4 extend asset's useful life beyond original estimate, capital expenditures TERM 5

patent

DEFINITION 5 right to sell patented item for 20 years, when purchased it is debited to Patents account, amortized over time

Copyright

exclusive right to sell and publish art, amortized over useful life, if immaterial it is charged directly to expense, if material it is charged to asset account (capitalized) TERM 7

Franchises and Licenses

DEFINITION 7 not amortized, cost is debited to asset account TERM 8

Trademarks and Trade Names

DEFINITION 8 symbol, name, or phrase, cost debited to asset account if purchased and amortized TERM 9

Goodwill

DEFINITION 9 not amortized, amount by which company's value exceeds value of its individual assets and liabilities TERM 10

Leasehold

DEFINITION 10 rights lessor (owner of building) grants to lessee (one renting), monthly payments are debited to rent expense account but advance payment from lessee is debited to leasehold account