1. which of the following is not a term that describes part of the accounting for long-lived assets? a. accumulation b. depletion c. amortization d. depreciation 2. The intangible asset "goodwill": a. represents the management team's assessment of its value to the company b. may arise when one company purchases another company c. arises because the market value of a company's assets is greater than cost d. all of these are correct. 3. If an organization has an obligation to pay $5,000 to a supplier two years from now, the present value of the obligation: a. is less than $5,000 b. is $5000 c. is more than $5,000 d. could be calculated using an annuity factor from the present value tables. 4. Expenditures capitalized as long-lived assets generally include those expenditures that: a. are made for normal repairs to maintain the usefulness of the asset over a number of years b. are for items that have a physical life of more than a year regardless of their cost c. are material and that have an economic benefit to the entity only in the current year d. are material and that have an economic benefit to the entity that extends beyond the current year