5 Written questions
5 Matching questions
- Natural Resources
- Accelerated-depreciation method
- R and D Costs
- Units-of-activity method
- Revenue expenditures
- a Depreciation method that produces higher depreciation expense in the early years rather than in the later years
- b Expenditures that are immedietely charged against revenues as an expense.
- c Assets that consist of standing timber and underground deposits of oil,gas, or minerals
- d Depreciation method in which useful life is expressed in terms of the total units of production or use expected from an asset
- e Expenditures that may lead to patents, copyrights, new processes, or a new products.
5 Multiple choice questions
- The allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational matter
- Expenditures to maintain the operating efficiency and productive life of a unit.
- An estimate of the expected productive life, also called service life, of an asset
- If an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.
- A measure of how efficienly a company uses its assets to generate sales; calculated as net sales divided by average total assets
5 True/False questions
Licenses → An exclusive right issued by the U.S Patent Office that enables the recipient to manufacture, sell, or otherwise control an invention for a period of 20 years from the date of the grant.
Going-concern assumption → States that the company will continue in operation for the forseeable future
trademark → A word,phrase,jingle, or symbol that identifies a particular enterprise or product.
Declining-balance method → Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.
Goodwill → Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work