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Class: ACCT 2101 - Principles of Accounting I; Subject: Accounting; University: University of Georgia; Term: Fall 2013;
Typology: Quizzes
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charged to land improvement account, parking lot surfaces, driveways, fences, shrubs, and lighting systems, limited useful lives TERM 2
DEFINITION 2 it reports a lower taxable income at the beginning to postpone taxes for later TERM 3
DEFINITION 3 improvements, more efficient or productive repairs, added to machinery account TERM 4
DEFINITION 4 extend asset's useful life beyond original estimate, capital expenditures TERM 5
DEFINITION 5 right to sell patented item for 20 years, when purchased it is debited to Patents account, amortized over time
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
DEFINITION 7 not amortized, cost is debited to asset account TERM 8
DEFINITION 8 symbol, name, or phrase, cost debited to asset account if purchased and amortized TERM 9
DEFINITION 9 not amortized, amount by which company's value exceeds value of its individual assets and liabilities TERM 10
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