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5 Written questions

5 Matching questions

  1. licenses and operating rights
  2. additions and improvements
  3. carrying value
  4. depletion
  5. goodwill
  1. a systematic and rational allocation of the cost of a natural resource over the period of its exploitation
  2. b excess of the purchase price of a business over the fair value of the business's assets and liabilities
  3. c obtained through agreements with governmental units or agencies, permit owners to use public property in performing their services
  4. d acquisition cost of an asset less accumulated depreciation 2
  5. e infrequent expenditures that increase an assets economic usefulness in the future

5 Multiple choice questions

  1. estimated amount to be recovered by the company at the end of the asset's estimate useful life 2
  2. expected service life of an asset to the present owner
  3. method that allocates the cost of an asset in equal periodic amounts over its useful life
  4. this method allocates the cost of an asset over its useful life based on a multiple of the straight-line rate
  5. expenditures for normal operating upkeep of long-lived assets

5 True/False questions

  1. tangible assetshave a physical substance

          

  2. patentexclusive right to publish, use and sell a literary, musical or artistic work

          

  3. fixed assetstangible and intangible resources owned by a business and used in its operations over several years

          

  4. revenue expendituresincrease the productive life, operating efficiency, or capacity of the asset and are recorded as increases in asset accounts, not as expenses

          

  5. copyrightexcess of the purchase price of a business over the fair value of the business's assets and liabilities

          

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