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5 Written questions

5 Matching questions

  1. cost in excess of net assets acquired
  2. long-lived assets
  3. natural resources
  4. declining-balance depreciation
  5. intangible assets
  1. a this method allocates the cost of an asset over its useful life based on a multiple of the straight-line rate
  2. b assets that occur in nature, such as mineral deposits, timber tracts, oil and gas
  3. c have special rights but not physical substance
  4. d excess of the purchase price of a business over the fair value of the business's assets and liabilities 2
  5. e tangible and intangible resources owned by a business and used in its operations over several years

5 Multiple choice questions

  1. expenditures for normal operating upkeep of long-lived assets
  2. refers to interest expenditures included in the cost of a self-constructed asset
  3. exclusive legal right to use a special name, image or slogan
  4. infrequent expenditures that increase an assets economic usefulness in the future
  5. increase the productive life, operating efficiency, or capacity of the asset and are recorded as increases in asset accounts, not as expenses

5 True/False questions

  1. licenses and operating rightsmaintain the productive capacity of the asset during the current accounting period only and are recorded as expenses


  2. franchisecontractual right to sell certain products or services, use certain trademarks, or perform activities in a geographical region


  3. depletionsystematic and rational allocation of the cost of a natural resource over the period of its exploitation


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


  5. acquisition costnet cash equivalent amount paid or to be paid for the asset


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