ACCOUNTING 211 Liberty University -ACCT 211 Exam 3 questions with answers

ACCT 211 Exam 3(Ch. 7) Long-Term Assets Tangible Asset - correct answer Material: Land, buildings, equipment, etc. (Ch. 7) Long-Term Assets Intangible Asset - correct answer Non-material: Patents, trademarks, copyrights, etc. (Ch. 7) Long-Term Assets Tangible and intangible assets are recorded in the _____________________ - correct answer Balance sheet (Ch. 7) Long-Term Assets We record a __________________ at its cost PLUS all expenditures necessary - correct answer Long-term asset (Ch. 7) Long-Term Assets Capitalize - correct answer Record an expenditure as an asset (Ch. 7) Long-Term Assets Depreciation - correct answer Allocation of the cost of a tangible asset over its service life (cost / service life) (Ch. 7) Long-Term Assets Basket purchase - correct answer When a company purchases more than one asset at the same time for one purchase price