Match the Terms with the Definitions

question 6

Multiple Choice

Match the terms with the definitions.
-The practice stating that when in doubt, choose the reporting technique that is least likely to overstate assets or net income.

• A)Accelerated Cost Recovery System (ACRS)
• B)intangible assets
• C)Modified Accelerated Cost Recovery System (MACRS)
• D)book value
• E)cash equivalent price
• F)conservatism
• G)straight-line method
• H)tangible assets
• I)depletion
• J)depreciable cost (base)
• K)trade-in allowance (trade value)
• L)double-declining-balance method
• M)functional depreciation
• N)units-of-production method

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Definitions:

Jurisdiction

The official power to make legal decisions and judgments, typically in a specific geographical area or over certain types of legal cases.

Intellectual Property

Rights obtained through intellectual work in sectors such as industry, science, literature, and the arts.

Proactive

Taking action by causing change and not only reacting to change when it happens.

Social Pressures

The influence exerted by society or groups within it, pushing individuals towards certain behaviors or decisions.