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5 Written questions

5 Matching questions

  1. carrying value
  2. amortization
  3. goodwill
  4. estimated useful life
  5. additions and improvements
  1. a acquisition cost of an asset less accumulated depreciation 2
  2. b excess of the purchase price of a business over the fair value of the business's assets and liabilities
  3. c infrequent expenditures that increase an assets economic usefulness in the future
  4. d expected service life of an asset to the present owner
  5. e systematic and rational allocation of the acquisition cost of an intangible asset over its useful life

5 Multiple choice questions

  1. increase the productive life, operating efficiency, or capacity of the asset and are recorded as increases in asset accounts, not as expenses
  2. 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
  3. costs for computer and web development
  4. exclusive right to publish, use and sell a literary, musical or artistic work
  5. granted by the federal government for an invention, exclusive right is given to the owner to use it

5 True/False questions

  1. long-lived assetstangible and intangible resources owned by a business and used in its operations over several years

          

  2. salvage valueestimated amount to be recovered by the company at the end of the asset's estimate useful life 2

          

  3. ordinary repairs and maintenanceinfrequent expenditures that increase an assets economic usefulness in the future

          

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

          

  5. net book valueacquisition cost of an asset less accumulated depreciation