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5 Written questions

5 Matching questions

  1. long-lived assets
  2. ordinary repairs and maintenance
  3. franchise
  4. copyright
  5. declining-balance depreciation
  1. a exclusive right to publish, use and sell a literary, musical or artistic work
  2. b expenditures for normal operating upkeep of long-lived assets
  3. c tangible and intangible resources owned by a business and used in its operations over several years
  4. d contractual right to sell certain products or services, use certain trademarks, or perform activities in a geographical region
  5. e this method allocates the cost of an asset over its useful life based on a multiple of the straight-line rate

5 Multiple choice questions

  1. expected service life of an asset to the present owner
  2. granted by the federal government for an invention, exclusive right is given to the owner to use it
  3. have special rights but not physical substance
  4. maintain the productive capacity of the asset during the current accounting period only and are recorded as expenses
  5. acquisition cost of an asset less accumulated depreciation 2

5 True/False questions

  1. additions and improvementsinfrequent expenditures that increase an assets economic usefulness in the future


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


  3. capitalized interestrefers to interest expenditures included in the cost of a self-constructed asset


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


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


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