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5 Written questions

5 Matching questions

  1. Natural Resources
  2. Straight-line method
  3. Copyright
  4. Depletion
  5. Ordinary repairs
  1. a Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.
  2. b Expenditures to maintain the operating efficiency and productive life of a unit.
  3. c Assets that consist of standing timber and underground deposits of oil,gas, or minerals
  4. d The allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner
  5. e Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work

5 Multiple choice questions

  1. A contractual arrangement under which the franchisor grants the franshisee the right to sell certain products, provide specific services, or use certain trademarks or trade names, usually within a designated geographic area.
  2. An estimate of the expected productive life, also called service life, of an asset
  3. Rights, priviliages, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance
  4. States that the company will continue in operation for the forseeable future
  5. Expenditures that may lead to patents, copyrights, new processes, or a new products.

5 True/False questions

  1. AmortizationThe allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational matter

          

  2. GoodwillThe value of all favorable attributes that relate to a business enterprise.

          

  3. PatentOperating rights to use public property, granted to a business enterprise by a governmental agency.

          

  4. Additions and improvementsExpenditures to maintain the operating efficiency and productive life of a unit.

          

  5. Materiality PricipleAssets that consist of standing timber and underground deposits of oil,gas, or minerals

          

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