Solved

Match the Following Terms with the Appropriate Definitions Below

Question 175

Matching

Match the following terms with the appropriate definitions below.Definitions have not been provided for all of these terms.

Premises:

Responses:

The estimated amount a long-term asset will be worth at the end of its estimated useful life

Residual value

The amount sacrificed in order to purchase an asset

Long-term asset

The estimated length of time that a long-term asset is expected to benefit the company that owns it

Cost

An asset that is expected to be useful or beneficial for more than one accounting period

Accrued expense

An allocation of a long-term asset's cost to an expense account over the periods of time when the asset is used

Accrued revenue

Depreciation

Useful life

Premises:

The estimated amount a long-term asset will be worth at the end of its estimated useful life

The amount sacrificed in order to purchase an asset

The estimated length of time that a long-term asset is expected to benefit the company that owns it

An asset that is expected to be useful or beneficial for more than one accounting period

An allocation of a long-term asset's cost to an expense account over the periods of time when the asset is used

Responses:

Residual value

Long-term asset

Cost

Accrued expense

Accrued revenue

Depreciation

Useful life

Correct Answer:

Premises:

Responses:

Residual value

Long-term asset

Cost

Accrued expense

Accrued revenue

Depreciation

Useful life