Amortization Is the Concept That Applies to The

question 44

Multiple Choice

Amortization is the concept that applies to the:

• A) expensing of long-term assets that lack physical substance over their useful lives
• B) depreciation of prepaids and supplies as they are used
• C) recording of amounts collected in advance that have not yet been earned
• D) recording of unearned revenue in the period cash is collected in advance of being earned

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Definitions:

Special Duty

An obligation or responsibility that is specific to a particular role, situation, or relationship, requiring action or care beyond ordinary duties.

Real Estate

Assets that include land, the structures on that land, and its inherent natural resources.

Res Ipsa Loquitur

A legal doctrine stating that the mere occurrence of certain types of accidents implies negligence.

Brewery

A place where beer is commercially made.