HistoricalCostsThe normal and necessarycosts to prepare an assetto generate profit which isalso the starting basis ofreporting PP&E and anyother intangible assets witha lifespan of over one yearis known as....Half-yearConventionThis method forcalculatingdepreciation for assetsthat are held for anyperiod of time that isless than a year:automatically recordsone-half year ofdepreciation.BasketPurchaseThe acquisition ofmore than one assetat a single cost; thecost is then allocatedto those assetsbased on theirrelative value.IntangibleAssetAn asset lackingphysical substancethat is not a financialinstrument, and thatis expected togenerate revenuesfor more than oneyear.FixedAssetTurnoverThis indicates theefficiency by whichPP&E have beenused to generatesales revenue.PP&EAn asset that hastangible physicalvalue andgenerates revenuefor over a year canbe classified as...GoodwillThe price paid by onecompany to acquireanother that is in excess ofthe fair value of netidentifiable assets andliabilities. This cost is oftenassociated with intangiblesthat do not meet the criteriafor accounting recognitioAmortizationThe equivalentof depreciation,but relating tointangibleassets.ModifiedAcceleratedCost RecoverySystem(MACRS)____ is the systemthe IRS requires acompany to usewhen showingPP&Edepreciation.NetBookValueThe original costof a depreciableasset minus itsaccumulateddepreciation tilldate is known as...Straight-lineDepreciationThe net book value ofan asset is $1000 witha lifespan of 10 years.After 2 years the assetis valued at $800meaning it hasincurred depreciationcosts of $200. This isan example of...DoubleDecliningBalanceA commonaccelerateddepreciation methodthat is calculated bymultiplying an asset'snet book value timestwo divided by theexpected useful life:Units ofProductionMethodA method ofdeterminingdepreciation that isnot based on thepassage of time, butrather on the level ofactual usage duringthe period.AssetExchangeA trade of one asset foranother in which thenet book value of theold asset is removedfrom the records whilethe new asset isrecorded at the fairvalue surrendered.AccumulatedDepreciationThe totalamount of theassets cost thatis reclassified toexpense isknown as...AcceleratedDepreciationWhen there ismore depreciationin the early yearsof an asset'slifespan, this isknown as...HistoricalCostsThe normal and necessarycosts to prepare an assetto generate profit which isalso the starting basis ofreporting PP&E and anyother intangible assets witha lifespan of over one yearis known as....Half-yearConventionThis method forcalculatingdepreciation for assetsthat are held for anyperiod of time that isless than a year:automatically recordsone-half year ofdepreciation.BasketPurchaseThe acquisition ofmore than one assetat a single cost; thecost is then allocatedto those assetsbased on theirrelative value.IntangibleAssetAn asset lackingphysical substancethat is not a financialinstrument, and thatis expected togenerate revenuesfor more than oneyear.FixedAssetTurnoverThis indicates theefficiency by whichPP&E have beenused to generatesales revenue.PP&EAn asset that hastangible physicalvalue andgenerates revenuefor over a year canbe classified as...GoodwillThe price paid by onecompany to acquireanother that is in excess ofthe fair value of netidentifiable assets andliabilities. This cost is oftenassociated with intangiblesthat do not meet the criteriafor accounting recognitioAmortizationThe equivalentof depreciation,but relating tointangibleassets.ModifiedAcceleratedCost RecoverySystem(MACRS)____ is the systemthe IRS requires acompany to usewhen showingPP&Edepreciation.NetBookValueThe original costof a depreciableasset minus itsaccumulateddepreciation tilldate is known as...Straight-lineDepreciationThe net book value ofan asset is $1000 witha lifespan of 10 years.After 2 years the assetis valued at $800meaning it hasincurred depreciationcosts of $200. This isan example of...DoubleDecliningBalanceA commonaccelerateddepreciation methodthat is calculated bymultiplying an asset'snet book value timestwo divided by theexpected useful life:Units ofProductionMethodA method ofdeterminingdepreciation that isnot based on thepassage of time, butrather on the level ofactual usage duringthe period.AssetExchangeA trade of one asset foranother in which thenet book value of theold asset is removedfrom the records whilethe new asset isrecorded at the fairvalue surrendered.AccumulatedDepreciationThe totalamount of theassets cost thatis reclassified toexpense isknown as...AcceleratedDepreciationWhen there ismore depreciationin the early yearsof an asset'slifespan, this isknown as...

PP&E Bingo - Call List

(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


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  1. The normal and necessary costs to prepare an asset to generate profit which is also the starting basis of reporting PP&E and any other intangible assets with a lifespan of over one year is known as....
    Historical Costs
  2. This method for calculating depreciation for assets that are held for any period of time that is less than a year: automatically records one-half year of depreciation.
    Half-year Convention
  3. The acquisition of more than one asset at a single cost; the cost is then allocated to those assets based on their relative value.
    Basket Purchase
  4. An asset lacking physical substance that is not a financial instrument, and that is expected to generate revenues for more than one year.
    Intangible Asset
  5. This indicates the efficiency by which PP&E have been used to generate sales revenue.
    Fixed Asset Turnover
  6. An asset that has tangible physical value and generates revenue for over a year can be classified as...
    PP&E
  7. The price paid by one company to acquire another that is in excess of the fair value of net identifiable assets and liabilities. This cost is often associated with intangibles that do not meet the criteria for accounting recognitio
    Goodwill
  8. The equivalent of depreciation, but relating to intangible assets.
    Amortization
  9. ____ is the system the IRS requires a company to use when showing PP&E depreciation.
    Modified Accelerated Cost Recovery System (MACRS)
  10. The original cost of a depreciable asset minus its accumulated depreciation till date is known as...
    Net Book Value
  11. The net book value of an asset is $1000 with a lifespan of 10 years. After 2 years the asset is valued at $800 meaning it has incurred depreciation costs of $200. This is an example of...
    Straight-line Depreciation
  12. A common accelerated depreciation method that is calculated by multiplying an asset's net book value times two divided by the expected useful life:
    Double Declining Balance
  13. A method of determining depreciation that is not based on the passage of time, but rather on the level of actual usage during the period.
    Units of Production Method
  14. A trade of one asset for another in which the net book value of the old asset is removed from the records while the new asset is recorded at the fair value surrendered.
    Asset Exchange
  15. The total amount of the assets cost that is reclassified to expense is known as...
    Accumulated Depreciation
  16. When there is more depreciation in the early years of an asset's lifespan, this is known as...
    Accelerated Depreciation