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5 Written questions

5 Matching questions

  1. Useful life
  2. Depletion
  3. Plant assets
  4. Revenue expenditures
  5. Going-concern assumption
  1. a Expenditures that are immedietely charged against revenues as an expense.
  2. b Tangible resources that are used in the operations of the business and are not intended for sale to customers.
  3. c An estimate of the expected productive life, also called service life, of an asset
  4. d States that the company will continue in operation for the forseeable future
  5. e The allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner

5 Multiple choice questions

  1. Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.
  2. Expenditures that may lead to patents, copyrights, new processes, or a new products.
  3. If an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.
  4. An estimate of an asset's value at the end of its useful life
  5. An exclusive right issued by the U.S Patent Office that enables the recipient to manufacture, sell, or otherwise control an invention for a period of 20 years from the date of the grant.

5 True/False questions

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

          

  2. Additions and improvementsExpenditures to maintain the operating efficiency and productive life of a unit.

          

  3. Depreciable costRights, priviliages, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance

          

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

          

  5. Natural ResourcesExpenditures to maintain the operating efficiency and productive life of a unit.

          

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