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5 Written questions

5 Matching questions

  1. fixed assets
  2. technology
  3. acquisition cost
  4. capital expenditures
  5. ordinary repairs and maintenance
  1. a costs for computer and web development
  2. b net cash equivalent amount paid or to be paid for the asset
  3. c expenditures for normal operating upkeep of long-lived assets
  4. d increase the productive life, operating efficiency, or capacity of the asset and are recorded as increases in asset accounts, not as expenses
  5. e have a physical substance 2

5 Multiple choice questions

  1. have a physical substance
  2. assets that occur in nature, such as mineral deposits, timber tracts, oil and gas
  3. systematic and rational allocation of the acquisition cost of an intangible asset over its useful life
  4. exclusive legal right to use a special name, image or slogan
  5. obtained through agreements with governmental units or agencies, permit owners to use public property in performing their services

5 True/False questions

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


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


  3. goodwillexclusive right to publish, use and sell a literary, musical or artistic work


  4. cost in excess of net assets acquiredexcess of the purchase price of a business over the fair value of the business's assets and liabilities 2


  5. franchisecontractual right to sell certain products or services, use certain trademarks, or perform activities in a geographical region