Accelerated Depreciation Method B Amortization C Asset Retirement Obligation D Average Cost Method E Conventional Retail Method F Depletion G Depreciation H Dollar Value LIFO First-In, First-Out (FIFO) Method J Goodwill K Gross Profit Method L Impairment M Intangible Asset N Last-In, Last-Out (LIFO) Method 0 LIFO Conformity Rule P LIFO Liquidation Q UFO Reserve R Lower of Cost or Net Realizable Value S Patent T Periodic Inventory System U Perpetual Inventory System V Property, Plant and Equipment W Residual Value Straight Line Method Y Trademark Z Units of Production Method 1. 2. + 6 5. 6. 7. available for sale 9. 10. The inventory account is continually adjusted for each change in inventory Higher depreciation expense in the early years of the asset's life and lower deprecation in the later years Lack physical substance and the timing of their future benefits are highly uncertain Average cost method that approximates lower of cost or net realizable value Viewed as comprising layers of dollar value from different years The cost allocation of tangible assets over their period of use Assumes that cost of goods sold and ending inventory consist of a mixture of all the goods It avoids reporting inventory at an amount greater than the benefits it can provide A permanent decline in the value of a long term asset An intangible asset resulting from the purchase of another company for more than its fair market value An inventory estimation technique not permissible for GAAP The amount a company expects to receive for an asset at the end of its useful life The cost allocation of intangible assets over their period of use The general ledger account that shows the cumulative difference between the inventory cost flow method used internally and LIFO Future obligations associated with the disposition of property, plant and equipment The most easily understood and widely used depreciation method If you use LIFO for income tax purposes you must use it when preparing financial statements An exclusive right to manufacture a product or to use a process Assumes that units sold are the first units acquired The cost allocation of natural resources over their period of use 11. 12. 13. 14. III. 15. 16. 17. 18. 19. 20. Accelerated Depreciation Method B Amortization C Asset Retirement Obligation D Average Cost Method E Conventional Retail Method F Depletion G Depreciation H Dollar Value LIFO First-In, First-Out (FIFO) Method J Goodwill K Gross Profit Method L Impairment M Intangible Asset N Last-In, Last-Out (LIFO) Method 0 LIFO Conformity Rule P LIFO Liquidation Q UFO Reserve R Lower of Cost or Net Realizable Value S Patent T Periodic Inventory System U Perpetual Inventory System V Property, Plant and Equipment W Residual Value Straight Line Method Y Trademark Z Units of Production Method 1. 2. + 6 5. 6. 7. available for sale 9. 10. The inventory account is continually adjusted for each change in inventory Higher depreciation expense in the early years of the asset's life and lower deprecation in the later years Lack physical substance and the timing of their future benefits are highly uncertain Average cost method that approximates lower of cost or net realizable value Viewed as comprising layers of dollar value from different years The cost allocation of tangible assets over their period of use Assumes that cost of goods sold and ending inventory consist of a mixture of all the goods It avoids reporting inventory at an amount greater than the benefits it can provide A permanent decline in the value of a long term asset An intangible asset resulting from the purchase of another company for more than its fair market value An inventory estimation technique not permissible for GAAP The amount a company expects to receive for an asset at the end of its useful life The cost allocation of intangible assets over their period of use The general ledger account that shows the cumulative difference between the inventory cost flow method used internally and LIFO Future obligations associated with the disposition of property, plant and equipment The most easily understood and widely used depreciation method If you use LIFO for income tax purposes you must use it when preparing financial statements An exclusive right to manufacture a product or to use a process Assumes that units sold are the first units acquired The cost allocation of natural resources over their period of use 11. 12. 13. 14. III. 15. 16. 17. 18. 19. 20