Matching
Match each of the following terms with the appropriate definitions.
Premises:
Book value
Depletion
Obsolescence
Extraordinary repairs
Patent
Copyright
Inadequacy
Amortization
Salvage value
Responses:
The insufficient capacity of plant assets to meet the company's productive demands.
Major repairs that extend the useful life of a plant asset beyond its original estimate.
An exclusive right granted to its owner to manufacture and sell an item or to use a process, for 20 years.
A condition which, because of new inventions and improvements, a plant asset is no longer useful in producing goods or services with a competitive advantage.
A right granted that gives its owner the exclusive privilege to publish and sell musical, literary or artistic work during the life of the creator plus 50 years.
The total cost of a plant asset less its accumulated depreciation.
Assets that increase the benefits of land, have a limited useful life and are subject to depreciation.
An estimate of an asset's value at the end its benefit period.
The process of allocating the cost of natural resources to the periods when they are consumed.
The process of allocating the cost of an intangible asset to expense over its estimated useful life.
Correct Answer:
Premises:
Responses:
The insufficient capacity of plant assets to meet the company's productive demands.
Major repairs that extend the useful life of a plant asset beyond its original estimate.
An exclusive right granted to its owner to manufacture and sell an item or to use a process, for 20 years.
A condition which, because of new inventions and improvements, a plant asset is no longer useful in producing goods or services with a competitive advantage.
A right granted that gives its owner the exclusive privilege to publish and sell musical, literary or artistic work during the life of the creator plus 50 years.
The total cost of a plant asset less its accumulated depreciation.
Assets that increase the benefits of land, have a limited useful life and are subject to depreciation.
An estimate of an asset's value at the end its benefit period.
The process of allocating the cost of natural resources to the periods when they are consumed.
The process of allocating the cost of an intangible asset to expense over its estimated useful life.
Premises:
The insufficient capacity of plant assets to meet the company's productive demands.
Major repairs that extend the useful life of a plant asset beyond its original estimate.
An exclusive right granted to its owner to manufacture and sell an item or to use a process, for 20 years.
A condition which, because of new inventions and improvements, a plant asset is no longer useful in producing goods or services with a competitive advantage.
A right granted that gives its owner the exclusive privilege to publish and sell musical, literary or artistic work during the life of the creator plus 50 years.
The total cost of a plant asset less its accumulated depreciation.
Assets that increase the benefits of land, have a limited useful life and are subject to depreciation.
An estimate of an asset's value at the end its benefit period.
The process of allocating the cost of natural resources to the periods when they are consumed.
The process of allocating the cost of an intangible asset to expense over its estimated useful life.
Responses:
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