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5 Written questions

5 Matching questions

  1. Natural Resources
  2. Accelerated-depreciation method
  3. R and D Costs
  4. Units-of-activity method
  5. Revenue expenditures
  1. a Depreciation method that produces higher depreciation expense in the early years rather than in the later years
  2. b Expenditures that are immedietely charged against revenues as an expense.
  3. c Assets that consist of standing timber and underground deposits of oil,gas, or minerals
  4. d Depreciation method in which useful life is expressed in terms of the total units of production or use expected from an asset
  5. e Expenditures that may lead to patents, copyrights, new processes, or a new products.

5 Multiple choice questions

  1. The allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational matter
  2. Expenditures to maintain the operating efficiency and productive life of a unit.
  3. An estimate of the expected productive life, also called service life, of an asset
  4. If an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.
  5. 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

  1. LicensesAn 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.


  2. Going-concern assumptionStates that the company will continue in operation for the forseeable future


  3. trademarkA word,phrase,jingle, or symbol that identifies a particular enterprise or product.


  4. Declining-balance methodDepreciation method in which periodic depreciation is the same for each year og the asset's useful life.


  5. GoodwillExclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work


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