FILL IN THE BLANKS

1. A occurs when a package of assets are acquired for a single purchase price amount.

2. The cost/benefit theme is consistent with the concept of , which refers to the significance of a particular item or transaction.

3. A lease is an arrangement that allows one party, the , to use the assets of another party, the   , for a stated period of time.

4. Many lease agreements provide a period of use nearly equal to the entire service life of the leased assets. Such agreements frequently contain a provision for the lessee to acquire the property at a bargain purchase price, and are called   .

5. Another name for economic or useful life is .

6. In determining an asset's useful life, consideration must be given to three factors: ,   , and   .

7. One of the most popular depreciation methods is the   method.

8. Cost minus residual value is known as   , whereas cost minus accumulated depreciation is known as .

9. An accelerated depreciation method which involves applying a fixed depreciation rate to the remaining book value of an asset is known as the method.

10. A common fallacy about accumulated depreciation is that the account contains   .

11. Tax laws permit asset cost to be charged against specific years via use of the .