ACC 201 Chapter 7

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Across
  1. 3. Long-lived assets that are useful in the operations of a business, are not held for sale, and are without physical qualities.
  2. 5. The cost of a fixed asset minus accumulated depreciation on the asset.
  3. 6. A depreciation method that provides for higher depreciation amount in the first year of the asset's use, followed by gradually declining amount of depreciation.
  4. 7. A method of depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed asset
  5. 8. The systematic periodic transfer of the cost of a fixed asset to an expense account during its expected useful life.
  6. 9. Long-lived or relatively permanent tangible assets that are used in the normal business operations; sometimes called plant assets
Down
  1. 1. The estimated value of a fixed asset at the end of its useful life.
  2. 2. The costs of acquiring fixed assets, adding a component, or replacing a component of a fixed asset
  3. 4. A method of depreciation that provides periodic depreciation expense based on the declining book value of a fixed asset over its estimated life.