Depletion is different from depreciation and amortization in that depletion is: Multiple Choice O O O an accelerated method. added to inventory. no different from depreciation and amortization. used for intangible assets.
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- The term that applies when an intangible asset is expensed over time rather than fully expensed at the time of purchase is Group of answer choices a. Depletion b. Amortization c. Goodwill write-down d. DepreciationExplain why depreciation on an existing asset is always irrelevant.Which of the following is INCORRECT regarding depreciation? Select one: O a. It is not a matter of valuation. O b. It is a means of cost allocation. Oc. O d. It is an attempt to reflect the fair market values of the related assets. It is part of the matching of revenues and expenses.
- In practice, would you expect the depreciation expense for a non-current asset to be overestimated or underestimated? Explain why this is the case.Intangible assets with finite useful lives mostly diff er from intangible assets with infiniteuseful lives with respect to accounting treatment of:A. revaluation.B. impairment.C. amortization.The key difference between amortization and depreciation is that amortization charges off the cost of an intangible asset, while depreciation does so for a tangible asset. True False
- The transfer to expense of the cost of intangible assets attributed to the passage of time or decline in usefulness is called amortization. True FalseWhich is not an expense? A. costs of goods sold or services rendered B. loss on disposal of a noncurrent asset C. write-off of a worthless intangible D. use of entity resources E. answer not given4. Depletion expense a. is usually part of cost of goods sold b. includes tangible equipment in the depletable amount c. exclude intangible development costs from depletable amount d. exclude restoration cost from depletable amount
- The ‘carrying value’ of a depreciable asset is the difference between ____? a. Depreciation and accumulated depreciation b. Cost and accumulated depreciation c. Cost and depreciation d. None of the aboveInstead of valuing assets, depreciation is a cost allocation procedure. This statement should be explained.The methods for depreciating assets are 1) straight-line depreciation; 2) declining balance depreciation (specifically double declining balance); and 3) units-of-production or units-of-activity or activity based depreciation. Is it possible that I can recieve help with descibing each method and comparing the different depreciation methods and its effect on net operating income?