Fill in the Blanks: Chapter Eleven
1. ____________ Betterments, also known as improvements or extraordinary repairs, generally improve or increase future service potential of an asset.
2. If a cash sale of an item of depreciable property occurs, and the journal entry to record the sale is balanced by the recording of a debit, then a ____________loss should be recognized.
3. Briefly stated, gains and losses are to be recognized on exchanges that have ____________commercial substance.
5. Additional monetary consideration in an exchange transaction is known as ____________boot.
6. ____________Depletion is the allocation of natural resource cost to the resources extracted during an accounting period.
7. Patents, copyrights, and franchises are examples of ____________intangible assets.
8. ____________Goodwill occurs when the value of a company as an operating entity exceeds the value of its individual tangible assets and liabilities.
9. The process of charging the cost of an intangible to expense is known as ____________amortization.