NAME: ________________________

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of 26 available terms

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5 Written Questions

5 Matching Questions

  1. Going-concern assumption
  2. Intangible asset
  3. Ordinary repairs
  4. Useful life
  5. Capital expenditures
  1. a Expenditures that increase a company's investment in productive facilities.
  2. b Expenditures to maintain the operating efficiency and productive life of a unit.
  3. c States that the company will continue in operation for the forseeable future
  4. d Rights, priviliages, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance
  5. e An estimate of the expected productive life, also called service life, of an asset

5 Multiple Choice Questions

  1. Depreciation method in which useful life is expressed in terms of the total units of production or use expected from an asset
  2. The allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner
  3. 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.
  4. Depreciation method that applies a constant rate to the declining book value of the asset and produces a decreasing annual depreciation expense over the useful life of the asset
  5. If an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.

5 True/False Questions

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


  2. Salvage valueA word,phrase,jingle, or symbol that identifies a particular enterprise or product.


  3. Additions and improvementsCosts incurred to increase the operating efficiency, productive efficiency, or useful life of a plant asset


  4. Accelerated-depreciation methodDepreciation method that produces higher depreciation expense in the early years rather than in the later years


  5. Depreciable costThe cost of a plant asset minus salvage value


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