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5 Written Questions

5 Matching Questions

  1. tangible assets
  2. acquisition cost
  3. ordinary repairs and maintenance
  4. long-lived assets
  5. franchise
  1. a tangible and intangible resources owned by a business and used in its operations over several years
  2. b net cash equivalent amount paid or to be paid for the asset
  3. c have a physical substance
  4. d contractual right to sell certain products or services, use certain trademarks, or perform activities in a geographical region
  5. e expenditures for normal operating upkeep of long-lived assets

5 Multiple Choice Questions

  1. estimated amount to be recovered by the company at the end of the asset's estimate useful life
  2. granted by the federal government for an invention, exclusive right is given to the owner to use it
  3. maintain the productive capacity of the asset during the current accounting period only and are recorded as expenses
  4. method that allocates the cost of an asset in equal periodic amounts over its useful life
  5. excess of the purchase price of a business over the fair value of the business's assets and liabilities

5 True/False Questions

  1. cost in excess of net assets acquiredexcess of the purchase price of a business over the fair value of the business's assets and liabilities 2

          

  2. units-of-production depreciationmethod that allocates the cost of an asset in equal periodic amounts over its useful life

          

  3. net book valueestimated amount to be recovered by the company at the end of the asset's estimate useful life

          

  4. depletionthe process of allocating the cost of buildings and equipment over their productive lives using a systematic and rational method

          

  5. amortizationsystematic and rational allocation of the acquisition cost of an intangible asset over its useful life

          

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