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5 Written questions

5 Matching questions

  1. acquisition cost
  2. depletion
  3. cost in excess of net assets acquired
  4. straight-line depreciation
  5. patent
  1. a granted by the federal government for an invention, exclusive right is given to the owner to use it
  2. b excess of the purchase price of a business over the fair value of the business's assets and liabilities 2
  3. c systematic and rational allocation of the cost of a natural resource over the period of its exploitation
  4. d net cash equivalent amount paid or to be paid for the asset
  5. e method that allocates the cost of an asset in equal periodic amounts over its useful life

5 Multiple choice questions

  1. expected service life of an asset to the present owner
  2. exclusive legal right to use a special name, image or slogan
  3. estimated amount to be recovered by the company at the end of the asset's estimate useful life 2
  4. increase the productive life, operating efficiency, or capacity of the asset and are recorded as increases in asset accounts, not as expenses
  5. acquisition cost of an asset less accumulated depreciation 2

5 True/False questions

  1. declining-balance depreciationthis method allocates the cost of an asset over its useful life based on a multiple of the straight-line rate

          

  2. depreciationthe process of allocating the cost of buildings and equipment over their productive lives using a systematic and rational method

          

  3. fixed assetshave a physical substance 2

          

  4. technologysystematic and rational allocation of the cost of a natural resource over the period of its exploitation

          

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