Match each of the following terms with the appropriate definitions. Question 1 options: Land improvements Depletion...

Match each of the following terms with the appropriate definitions.

Question 1 options:

	Land improvements
	Depletion
	Copyright
	Book value
	Inadequacy
	Extraordinary repairs
	Patent
	Obsolescence
	Leasehold improvements
	Salvage value

1.	Major repairs that extend the useful life of a plant asset beyond its original estimate
2.	An exclusive right granted to its owner to manufacture and sell an item, or to use a process, for 20 years
3.	A condition where a plant asset is no longer useful in producing goods or services with a competitive advantage
4.	Assets that increase the benefits of land, have a limited useful life, and are subject to depreciation
5.	The total cost of a plant asset less its accumulated depreciation
6.	The insufficient capacity of plant assets to meet the company's productive demands
7.	A right granted that gives its owner the exclusive privilege to publish and sell musical, literary, or artistic work during the life of the creator plus 70 years
8.	An estimate of an asset's value at the end of its benefit period
9.	Alternations or improvements to leased property made by the lessee
10.	The process of allocating the cost of natural resources to the periods when they are consumed

Expert Solution

SOLUTION

1.	Major repairs that extend the useful life of a plant asset beyond its original estimate	Extraordinary repairs
2.	An exclusive right granted to its owner to manufacture and sell an item, or to use a process, for 20 years	Patent
3.	A condition where a plant asset is no longer useful in producing goods or services with a competitive advant	Obsolescence
4.	Assets that increase the benefits of land, have a limited useful life, and are subject to depreciation	Land improvements
5.	The total cost of a plant asset less its accumulated depreciation	Book value
6.	The insufficient capacity of plant assets to meet the company's productive demands	Inadequacy
7.	A right granted that gives its owner the exclusive privilege to publish and sell musical, literary, or artistic work	Copyright
8.	An estimate of an asset's value at the end of its benefit period	Salvage value
9.	Alternations or improvements to leased property made by the lessee	Leasehold improvements
10.	The process of allocating the cost of natural resources to the periods when they are consumed	Depletion

ekkarill92 answered 1 year ago

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