Listed below are concepts and terminology related to depreciation. Required:
Match each concept with the related terminology.
Concepts
1.The period of time over which the company anticipates deriving benefit from the use of the asset
2.The cost of the asset minus its accumulated depreciation
3.The total amount of depreciation expense that has been recorded for an asset since the asset was acquired
4.The amount of cash or trade-in consideration that the company expects to receive when an asset is retired from service
5.A process of cost allocation, not an attempt to measure the fair value of an asset.
Terminology:
i. depreciation
ii. accumulated depreciation
iii. book value
iv. estimated useful life
v. residual value