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5 Written Questions

5 Matching Questions

  1. depreciation
  2. natural resources
  3. goodwill
  4. capitalized interest
  5. depletion
  1. a excess of the purchase price of a business over the fair value of the business's assets and liabilities
  2. b refers to interest expenditures included in the cost of a self-constructed asset
  3. c assets that occur in nature, such as mineral deposits, timber tracts, oil and gas
  4. d the process of allocating the cost of buildings and equipment over their productive lives using a systematic and rational method
  5. e systematic and rational allocation of the cost of a natural resource over the period of its exploitation

5 Multiple Choice Questions

  1. have a physical substance
  2. have special rights but not physical substance
  3. a method that allocates the cost of an asset over its useful life based on the relation of its periodic output to its total estimate output
  4. maintain the productive capacity of the asset during the current accounting period only and are recorded as expenses
  5. granted by the federal government for an invention, exclusive right is given to the owner to use it

5 True/False Questions

  1. salvage valueacquisition cost of an asset less accumulated depreciation 2

          

  2. estimated useful lifeexpected service life of an asset to the present owner

          

  3. long-lived assetstangible and intangible resources owned by a business and used in its operations over several years

          

  4. technologycosts for computer and web development

          

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

          

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