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5 Written questions

5 Matching questions

  1. patent
  2. residual value
  3. intangible assets
  4. ordinary repairs and maintenance
  5. salvage value
  1. a estimated amount to be recovered by the company at the end of the asset's estimate useful life
  2. b granted by the federal government for an invention, exclusive right is given to the owner to use it
  3. c expenditures for normal operating upkeep of long-lived assets
  4. d have special rights but not physical substance
  5. e estimated amount to be recovered by the company at the end of the asset's estimate useful life 2

5 Multiple choice questions

  1. a method that allocates the cost of an asset over its useful life based on the relation of its periodic output to its total estimate output
  2. maintain the productive capacity of the asset during the current accounting period only and are recorded as expenses
  3. the process of allocating the cost of buildings and equipment over their productive lives using a systematic and rational method
  4. contractual right to sell certain products or services, use certain trademarks, or perform activities in a geographical region
  5. assets that occur in nature, such as mineral deposits, timber tracts, oil and gas

5 True/False questions

  1. amortizationsystematic and rational allocation of the acquisition cost of an intangible asset over its useful life

          

  2. long-lived assetshave a physical substance 2

          

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

          

  4. net book valueestimated amount to be recovered by the company at the end of the asset's estimate useful life

          

  5. licenses and operating rightsobtained through agreements with governmental units or agencies, permit owners to use public property in performing their services