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### 19 Cards in this Set

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 Plant Assets Long-lived tangible assets, such as land, buildings, and equipment, used to operate a business Intangibles Assets with no physical form. Valuable because of the special rights they carry. Examples are patents and copyrights. Capital Expenditures Expenditure that increases the capacity or efficiency of an asset or extends its useful life. Capital expenditures are debited to an asset account. Extraordinary Repairs Repair work that generates a capital expenditure. Ordinary Repair Repair work that is debited to an expense account. Estimated Useful life length of the service period expected from an asset. May be expressed in years, unites of output, miles, or another measure. Estimated Residual Value Expected cash value of an asset at the end of its useful life. Also called salvage value. Depreciable Cost The cost of a plant asset minus its estimated residual value. Straight-Line Depreciation Method Depreciation method in which an equal amount of depreciation expense is assigned to each year of asset use. Units-of-Production Depreciation Method Depreciation method by which a fixed amount of depreciation is assigned to each unit of output produced by an asset. Accelerated Depreciation Method A depreciation method that writes off more of the asset's cost near the start of its useful life than the straight-line method does. Double-Declining-Balance Depreciation Method An accelerated depreciation method that computes annual depreciation by multiplying the asset's decreasing book value by a constant percent that is two times the straight-line rate. Depletion Expense Portion of an natural resource's cost used up in a particular period. Computed in the same way as units-of-production depreciation. Amortization Systematic reduction of the asset's carrying value on the books. Expense that applies to intangibles in the same way depreciation applies to plant assets and depletion to natural resources Patent A federal government grant giving the holder the exclusive right to produce and sell an invention for 20 years. Copyright Exclusive right to reproduce and sell a book, musical composition, film, other work of art, or computer program. issued by the federal government copyrights extend 70 years beyond the author's life. Trademarks, Trade Names, or Brand Names Assets that represent distinctive identifications of a product or service. Franchises, Licenses Privileges granted by a private business or a government to sell a product or service under specified conditions. Goodwill Excess of the cost of an acquired company over the sum of the values of its net assets (assets minus liabilities).