11 the write off of an intangible asset is called a depreciation b amortization c im 4303506

11) The write-off of an intangible asset is called:

A) depreciation.

B) amortization.

C) impairment.

D) deterioration.

12) A coal mine was acquired for $4,000,000. No salvage value was expected and the number of tons of coal is estimated to be 2,000,000 tons. During for first year, 200,000 tons of coal was mined and sold. The depletion expense is:

A) $2,000,000.

B) $200,000.

C) $4,000,000.

D) $400,000.

13) To record the depletion of natural resources, the most common method is to use the double declining-balance method.

14) Patents, copyrights, and franchises are intangible assets with the same number of years of useful life.

15) Copyright protection expires 50 years after the author's death.

16) The portion of a natural resource cost that is recognized as an expense is ________.

17) The intangible that is recorded when a business is purchased for more than the fair value of the net assets is known as ________.

18) The three categories of writing off plant assets, natural resources, and intangible assets are ________, ________, and ________, respectively.

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, in column 3 the financial statement that the account in which the account balance is reported, and in column 4 the account's nature (permanent/temporary).

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