Select the necessary words from the list of possibilities to complete the following statements. Statements Answer The intangible asset known as arises in accounting for a business combination, and should be 1. amortized as its value becomes impaired over the years. 2. Good evidence of ownership of property often is found by examining current 3. 4. bills. A dollar minimum ordinarily should be established to be used by accounting personnel for distinguishing between capital and expenditures. A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year-end. Such an error does not usually result in a significant misstatement of The auditors' principal objective in analyzing 5. should have been capitalized. expense accounts is to discover property items that