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5 Written questions

5 Matching questions

  1. Depletion
  2. Goodwill
  3. Patent
  4. Straight-line method
  5. Going-concern assumption
  1. a 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.
  2. b Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.
  3. c The value of all favorable attributes that relate to a business enterprise.
  4. d The allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner
  5. e States that the company will continue in operation for the forseeable future

5 Multiple choice questions

  1. If an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.
  2. Expenditures that increase a company's investment in productive facilities.
  3. An estimate of an asset's value at the end of its useful life
  4. A contractual arrangement under which the franchisor grants the franshisee the right to sell certain products, provide specific services, or use certain trademarks or trade names, usually within a designated geographic area.
  5. Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work

5 True/False questions

  1. Revenue expendituresExpenditures that increase a company's investment in productive facilities.

          

  2. AmortizationThe allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational matter

          

  3. Additions and improvementsCosts incurred to increase the operating efficiency, productive efficiency, or useful life of a plant asset

          

  4. Plant assetsOperating rights to use public property, granted to a business enterprise by a governmental agency.

          

  5. Units-of-activity methodDepreciation method in which periodic depreciation is the same for each year og the asset's useful life.