Fill in the Blanks: Chapter Eleven

1. , 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 should be recognized.

3. Briefly stated, gains and losses are to be recognized on exchanges that have .

4. For tax purposes, the exchange of similar assets will normally result in no or .

5. Additional monetary consideration in an exchange transaction is known as .

6. is the allocation of natural resource cost to the resources extracted during an accounting period.

7. Patents, copyrights, and franchises are examples of .

8. 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   .