5 Written questions
5 Matching questions
- Natural Resources
- Straight-line method
- Ordinary repairs
- a Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.
- b Expenditures to maintain the operating efficiency and productive life of a unit.
- c Assets that consist of standing timber and underground deposits of oil,gas, or minerals
- d The allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner
- e Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work
5 Multiple choice questions
- 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.
- An estimate of the expected productive life, also called service life, of an asset
- Rights, priviliages, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance
- States that the company will continue in operation for the forseeable future
- Expenditures that may lead to patents, copyrights, new processes, or a new products.
5 True/False questions
Amortization → The allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational matter
Goodwill → The value of all favorable attributes that relate to a business enterprise.
Patent → Operating rights to use public property, granted to a business enterprise by a governmental agency.
Additions and improvements → Expenditures to maintain the operating efficiency and productive life of a unit.
Materiality Priciple → Assets that consist of standing timber and underground deposits of oil,gas, or minerals