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5 Written questions

5 Matching questions

  1. residual value
  2. ordinary repairs and maintenance
  3. straight-line depreciation
  4. trademark
  5. capitalized interest
  1. a refers to interest expenditures included in the cost of a self-constructed asset
  2. b expenditures for normal operating upkeep of long-lived assets
  3. c exclusive legal right to use a special name, image or slogan
  4. d method that allocates the cost of an asset in equal periodic amounts over its useful life
  5. e estimated amount to be recovered by the company at the end of the asset's estimate useful life

5 Multiple choice questions

  1. the process of allocating the cost of buildings and equipment over their productive lives using a systematic and rational method
  2. costs for computer and web development
  3. have a physical substance
  4. acquisition cost of an asset less accumulated depreciation
  5. have a physical substance 2

5 True/False questions

  1. goodwillexcess of the purchase price of a business over the fair value of the business's assets and liabilities

          

  2. estimated useful lifeexpected service life of an asset to the present owner

          

  3. patentgranted by the federal government for an invention, exclusive right is given to the owner to use it

          

  4. licenses and operating rightsmaintain the productive capacity of the asset during the current accounting period only and are recorded as expenses

          

  5. franchiseexclusive legal right to use a special name, image or slogan