Natural Resources

Resource depletion is the consumption of a resource faster than it can be replenished. Natural resources are commonly divided between renewable resources and non-renewable resources (see also mineral resource classification).16. The accumulated depletion account is. a. an expense account. d. reported on the balance sheet as a deduction from the cost of the mineral deposit. 17. The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called.T When disposing of equipment, Accumulated Depreciation is debited for the existing carrying value. F When an asset is sold, a gain is calculated as the difference between sale price and the carrying value of the asset sold When a fully depreciated asset with a residual value is discarded NOT no…Accumulated depletion is the amount of depletion expense that has built up over time in relation to the use of a natural resource. The net effect of this pairing is that a reduced amount of natural resource asset appears on the balance sheet. The typical natural resource that is associated with...The accumulated depletion of a natural resource is reported on the a. balance sheets as depreciation from the cost of the resource b. balance When the amount of use of a fixed asset varies from year to year, the method of determining depreciation expense that best matches allocation of...

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accumulated depletion definition. The cumulative amount of depletion expense pertaining to the natural resources shown on the balance sheet. The account has a credit balance and will be reported on the balance sheet as a contra asset.There's no doubt about it: resource use is freighted with consequences. It inevitably generates emissions and other untoward environmental effects across the entire lifecycle of each and every product. Moreover, growing resource scarcity and fluctuating raw materials prices are provoking...Conservation of natural resources is to be done by mankind realizing the dependence on the natural resources and living beings and their interrelationship Problems like depletion of forests, floods, landslides, extreme utilization of land are started to be observed due to various activities of people.A country accumulates foreign exchange reserves through its Central Bank (RBI in the case of India). The Central Bank does this by purchasing Foreign Currency Reserves has two parts to it. First of all is Reserves. Reserve is like a buffer stock. It is the Central Bank of a country that maintains a reserve.

15 Chp9 In calculating the depletion of a natural resource its useful...

Depletion is a method of recording the use of natural resources over time. It is the amount of resources used in each accounting period that is " They are reported at their total cost, less accumulated depletion. Depletion expense allows a business to account for the reduction in value...Natural Resources Depletion: Find Meaning, Types of natural Resources, Facts, Statistics, Causes, Effects and Solutions of Natural Resources Depletion. Natural resource depletion refers to the decreasing amount of resources left on the Planet Earth.The recent University of Georgia study reporting that China is responsible for as much as 28 percent of plastic waste in ocean waters— making it the largest contributor to the problem worldwide China is a significant contributor to the depletion of a number of the world's most precious natural resources.Use Accumulated depletion to track how much you deplete a natural resource. Fixed Assets. Accumulated depreciation on property, plant and Use Lease buyout to track lease payments to be applied toward the purchase of a leased asset. You don't track the leased asset itself until you...Fast depletion of natural resources is just one of the effects of overpopulation. In our relentless effort to quench our never ending needs, we have destroyed the habitat of so many flora and fauna that Resources depletion - an economic term referring to the exhaustion of raw materials within a region.

here is a tst i hav ei need some help!

1. A characteristic of a fixed asset is that it is

a. intangible

b.used in the operations of a business

c.held for sale in the ordinary course of the business

d.a long term investment

2. Land acquired so it can be resold in the future is listed in the balance sheet as a(n)

a. fixed asset

b. current asset

c. investment

d. intangible asset

3. Which of the following should be included in the acquisition cost of a piece of equipment?

a. transportation costs

b.installation costs

c. testing costs prior to placing the equipment into production

d. all are correct

4. Which of the following is included in the cost of constructing a building?

a. insurance costs during construction

b. cost of paving parking lot

c. cost of repairing vandalism damage during construction

d. cost of removing the demolished building existing on the land when it was purchased

5. Accumulated Depreciation

a. is used to show the amount of cost expiration of intangibles

b. is the same as Depreciation Expense

c. is a contra asset account

d. is used to show the amount of cost expiration of natural resources

6. Expenditures that add to the utility of fixed assets for more than one accounting period are

a. committed expenditures

b. revenue expenditures

c. current expenditures

d. capital expenditures

7. A capital expenditure results in a debit to

a. an expense account

b.a capital account

c. a liability account

d. an asset account

8. In a lease contract, the party who legally owns the asset is the

a. lessee

b. lessor

c. operator

d. banker

9.All leases are classified as either

a. capital leases or long-term leases

b. capital leases or operating leases

c. operating leases or current leases

d. long-term leases or current leases

10. Factors contributing to a decline in the usefulness of a fixed asset may be divided into the following two categories

a. salvage and functional

b. physical and functional

c. residual and salvage

d. functional and residual

11. A fixed asset's estimated value at the time it is to be retired from service is called

a. book value

b. residual value

c. market value

d. carrying value

12. When the amount of use of a fixed asset varies from year to year, the method of determining depreciation expense that best matches allocation of cost with revenue is

a. declining-balance

b. straight-line

c. units-of-production

d. MACRS

13. The most widely used depreciation method is

a. straight-line

b. sum-of-the-years-digits

c. declining-balance

d. units-of-production

14. The depreciation method that does not use residual value in calculating the first year's depreciation expense is

a.straight-line

b. units-of-production

c. double-declining-balance

d. none of the above

15. Expected useful life is

a. calculated when the asset is sold.

b. estimated at the time that the asset is placed in service.

c. determined each year that the depreciation calculation is made.

d. none of the answers are correct

16. The accumulated depletion account is

a. an expense account

b. an intangible asset account

c. reported on the income statement as other expense

d. reported on the balance sheet as a deduction from the cost of the mineral deposit

17. The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called

a. depletion

b. deferral

c. amortization

d. depreciation

18. Expenditures for research and development are generally recorded as

a. current operating expenses

b. assets and amortized over their estimated useful life

c. assets and amortized over 40 years

d. current assets

19. The term applied to the amount of cost to transfer to expense resulting from a decline in the utility of intangible assets is

a. amortization

b. depletion

c. depreciation

d. allocation

20. The exclusive right to use a certain name or symbol is called a

a. franchise

b. patent

c. trademark

d. copyright

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