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5 Written questions

5 Matching questions

  1. Asset turnover ratio
  2. Plant assets
  3. Revenue expenditures
  4. Declining-balance method
  5. Copyright
  1. a Depreciation method that applies a constant rate to the declining book value of the asset and produces a decreasing annual depreciation expense over the useful life of the asset
  2. b Tangible resources that are used in the operations of the business and are not intended for sale to customers.
  3. c Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work
  4. d A measure of how efficienly a company uses its assets to generate sales; calculated as net sales divided by average total assets
  5. e Expenditures that are immedietely charged against revenues as an expense.

5 Multiple choice questions

  1. The allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner
  2. If an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.
  3. Rights, priviliages, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance
  4. The cost of a plant asset minus salvage value
  5. An estimate of an asset's value at the end of its useful life

5 True/False questions

  1. Useful lifeThe allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner

          

  2. LicensesOperating rights to use public property, granted to a business enterprise by a governmental agency.

          

  3. AmortizationThe allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner

          

  4. GoodwillExclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work

          

  5. Capital expendituresExpenditures that are immedietely charged against revenues as an expense.