5 Written questions
5 Matching questions
- Straight-line method
- Going-concern assumption
- 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.
- b Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.
- c The value of all favorable attributes that relate to a business enterprise.
- d The allocation of the cost of a natural resource to expense over its useful life in a rational and systematic manner
- e States that the company will continue in operation for the forseeable future
5 Multiple choice questions
- If an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.
- Expenditures that increase a company's investment in productive facilities.
- An estimate of an asset's value at the end of its useful life
- 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.
- Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work
5 True/False questions
Revenue expenditures → Expenditures that increase a company's investment in productive facilities.
Amortization → The allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational matter
Additions and improvements → Costs incurred to increase the operating efficiency, productive efficiency, or useful life of a plant asset
Plant assets → Operating rights to use public property, granted to a business enterprise by a governmental agency.
Units-of-activity method → Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.