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5 Written questions

5 Matching questions

  1. Units-of-activity method
  2. Useful life
  3. Franchise
  4. Natural Resources
  5. Straight-line method
  1. a An estimate of the expected productive life, also called service life, of an asset
  2. b 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.
  3. c Assets that consist of standing timber and underground deposits of oil,gas, or minerals
  4. d Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.
  5. e Depreciation method in which useful life is expressed in terms of the total units of production or use expected from an asset

5 Multiple choice questions

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

5 True/False questions

  1. Going-concern assumptionStates that the company will continue in operation for the forseeable future

          

  2. Revenue expendituresExpenditures that are immedietely charged against revenues as an expense.

          

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

          

  4. Ordinary repairsExpenditures to maintain the operating efficiency and productive life of a unit.

          

  5. R and D CostsTangible resources that are used in the operations of the business and are not intended for sale to customers.