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Listed Below Are Five Terms Followed by a List of Phrases

Question 153

Matching

Listed below are five terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the best term placing the number designating the term in the space provided.

Premises:
A contra-asset account representing the total depreciation taken to date.
How long the company expects to receive benefits from the asset before disposing of it.
Allocating the cost of a tangible asset over its service life.
Equal to the original cost of the asset minus the current balance in accumulated depreciation.
Also referred to as salvage value, is the amount the company expects to receive from selling the asset at the end of its service life.
Responses:
Service life
Residual value
Accumulated depreciation
Book value
Depreciation

Correct Answer:

A contra-asset account representing the total depreciation taken to date.
How long the company expects to receive benefits from the asset before disposing of it.
Allocating the cost of a tangible asset over its service life.
Equal to the original cost of the asset minus the current balance in accumulated depreciation.
Also referred to as salvage value, is the amount the company expects to receive from selling the asset at the end of its service life.
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