What occurs when the then-current book value of an asset exceeds the sum of expected undiscounted cash flow?

Which of the following statements about MACRS depreciation is NOT true?

In 2008, XYZ Company spends $250,000 on research and development to generate new product lines. Of the five projects in progress, one results in a patented item while the other four are considered unsuccessful. According to generally accepted accounting principles, how much of the $250,000 should be recognized as an expense in 2008?

Depreciation is not a decline in value, but a process of __________________.

The denominator of the sum-of-the-years digits fraction is ______________.

Which of the following basic patterns would be appropriate for allocation of intangibles?

The situation in which a company uses its accounts receivable to obtain a loan is called ___________. In this process, the company usually maintains control of the receivables, collects from customers, and forwards the proceeds to the lending institution to liquidate the loan.

A manufacturing firm sells a parcel of land next to one of its warehouses. What type of activity is this?

When the ______________ method is used to estimate uncollectible accounts, the provision for uncollectible accounts is added to the existing balance in the Allowance for Uncollectible Accounts.

A fast food restaurant chain sells a division that operates movie theaters. What type of activity is this?

Which term below is used when referring to the write-off of intangible assets?