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Listed Below Are Five Terms Followed by a List of Phrases

Question 152

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:
Allocates an asset's cost based on its use.
The process of recording expense for natural resources.
Allocates an equal amount of depreciation to each year of the asset's service life.
An accelerated depreciation method that records more depreciation in earlier years and less depreciation in later years.
Allocating the cost of an intangible asset over its service life.
Responses:
Depletion
Straight-line method
Amortization
Declining-balance method
Activity-based method

Correct Answer:

Allocates an asset's cost based on its use.
The process of recording expense for natural resources.
Allocates an equal amount of depreciation to each year of the asset's service life.
An accelerated depreciation method that records more depreciation in earlier years and less depreciation in later years.
Allocating the cost of an intangible asset over its service life.
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