1. The CEO, as head of the company, is ultimately responsible for the firm’s accounting.
2. We record a long-term asset at its cost less all expenditures necessary to get the asset ready for use.
3. We use the term capitalize to describe recording an expenditure as an expense.
4. Cash received from the sale of salvaged materials increases the total cost of land.
5. Land improvements are recorded separately from the land itself because, unlike land, these assets are subject to depreciation.
6. A basket purchase is the purchase of more than one asset at the same time for one purchase price.
7. We allocate natural resources to expense through a process known as “depletion.”
8. Many intangible assets are not recorded on the balance sheet at their estimated market values.
9. We record purchased intangible assets at their original cost plus all other costs necessary to get the asset ready for use.
10. Most of the costs associated with internally developed intangible assets are recorded as intangible assets on the balance sheet.
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