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5 Written questions

5 Matching questions

  1. Franchise
  2. Straight-line method
  3. Depreciable cost
  4. Revenue expenditures
  5. Licenses
  1. a Operating rights to use public property, granted to a business enterprise by a governmental agency.
  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 The cost of a plant asset minus salvage value
  4. d Expenditures that are immedietely charged against revenues as an expense.
  5. e Depreciation method in which periodic depreciation is the same for each year og the asset's useful life.

5 Multiple choice questions

  1. Rights, priviliages, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance
  2. Expenditures that may lead to patents, copyrights, new processes, or a new products.
  3. Depreciation method that produces higher depreciation expense in the early years rather than in the later years
  4. 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. Expenditures that increase a company's investment in productive facilities.

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

          

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

          

  5. Materiality PricipleIf an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.