Chapter 11 Depreciation and Amortization
The declining balance depreciation method provides the ___________ depreciation amount in the __________ of an asset's life
highest; early years
Which of the following bookkeeping accounts is used in accounting for amortization
Amortization Expense
What is the formula for calculating depreciation under the straight-line method
Cost - Salvage ÷ Useful Life = Annual Depreciation Expense
Assets that provide service of one year or longer are called
fixed assets
Which of the following is a tangible asset
guestroom furniture
Depreciation is the process that allocates the cost of a(n) _______________ over its useful life
tangible capital asset
1. Amortization is the process that allocates the cost of assets
that have no physical structure, but will last for more than one year