Match the word with its definition.

Part 1: Matching (1 point each, 20 total points) Choose the best answer!!!! N O P Q xs|sc|-|wz|p| later years A Accelerated Depreciation Method Last-In, Last-Out (LIFO) Method B Amortization LIFO Conformity Rule C Asset Retirement Obligation LIFO Liquidation D Average Cost Method LIFO Reserve E Conventional Retail Method Lower of Cost or Net Realizable Value F Depletion Patent G Depreciation Periodic Inventory System H Dollar Value LIFO Perpetual Inventory System I First-In, First-Out (FIFO) Method Property, Plant and Equipment J Goodwill W Residual Value K Gross Profit Method Straight Line Method L Impairment Y Trademark M Intangible Asset Z Units of Production Method 1. The inventory account is continually adjusted for each change in inventory 2. Higher depreciation expense in the early years of the asset's life and lower deprecation in the Lack physical substance and the timing of their future benefits are highly uncertain 4. Average cost method that approximates lower of cost or net realizable value 5. Viewed as comprising layers of dollar value from different years 6. The cost allocation of tangible assets over their period of use 7. Assumes that cost of goods sold and ending inventory consist of a mixture of all the goods available for sale 8. It avoids reporting inventory at an amount greater than the benefits it can provide 9. A permanent decline in the value of a long term asset 10. An intangible asset resulting from the purchase of another company for more than its fair market value 11. An inventory estimation technique not permissible for GAAP 12. The amount a company expects to receive for an asset at the end of its useful life 13. The cost allocation of intangible assets over their period of use 14. The general ledger account that shows the cumulative difference between the inventory cost flow method used internally and LIFO 15. Future obligations associated with the disposition of property, plant and equipment 16. The most easily understood and widely used depreciation method 17. If you use LIFO for income tax purposes you must use it when preparing financial statements 18. An exclusive right to manufacture a product or to use a process 19. Assumes that units sold are the first units acquired 20. The cost allocation of natural resources over their period of use |||||||