XYZ Company purchases a machine with a cost of $20,000, a salvage value of $2,000, and life of five years. If the company uses the sum-of-the-years digits method, what would the depreciation charge be for the first year?

If a reasonable estimate of the amount of cash to be received can be made, when should revenue be recognized?

Which of the following groups assets into one of seven classes for tax depreciation?

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

Which of the following costs is capitalized for a self-constructed asset?

When a company uses its accounts receivable as collateral for a loan, the transaction is known as a/an _____________________.

Which of the following costs is normally expensed when incurred, even though it has future benefits?

The matching of costs with the benefits derived from the use of an asset is ____________.

Which of the following life spans would be used for automobiles if the MACRS method of depreciation is employed?

Natural resources are referred to as __________________.

The term _______________ refers to 'cost less accumulated' depreciation.