Matching
Match the statements below with the appropriate terms
Premises:
Process of allocating the cost of an intangible asset to expense over its useful life.
Is only recorded when an exchange has commercial substance.
Examples are franchises and licenses.
The allocation of the cost of a natural resource to expense over its useful life.
Can be identified only with a business as a whole.
A symbol that identifies a particular enterprise or product.
When book value of asset is greater than the proceeds received from its sale.
Must be expensed when incurred.
Indicates how efficiently a company is able to generate sales with its assets.
An estimate of the expected productive life of an asset.
Responses:
Gain on disposal
Loss on disposal
Trademark
Depletion
Useful life
Asset turnover ratio
Goodwill
Amortization
Intangible asset
Research costs
Correct Answer:
Premises:
Responses:
Process of allocating the cost of an intangible asset to expense over its useful life.
Is only recorded when an exchange has commercial substance.
Examples are franchises and licenses.
The allocation of the cost of a natural resource to expense over its useful life.
Can be identified only with a business as a whole.
A symbol that identifies a particular enterprise or product.
When book value of asset is greater than the proceeds received from its sale.
Must be expensed when incurred.
Indicates how efficiently a company is able to generate sales with its assets.
An estimate of the expected productive life of an asset.
Premises:
Process of allocating the cost of an intangible asset to expense over its useful life.
Is only recorded when an exchange has commercial substance.
Examples are franchises and licenses.
The allocation of the cost of a natural resource to expense over its useful life.
Can be identified only with a business as a whole.
A symbol that identifies a particular enterprise or product.
When book value of asset is greater than the proceeds received from its sale.
Must be expensed when incurred.
Indicates how efficiently a company is able to generate sales with its assets.
An estimate of the expected productive life of an asset.
Responses:
Related Questions
Q188: Comment on the validity of the following
Q290: The _ ratio is calculated by dividing
Q295: In the case of an exchange of
Q296: The cost of a patent should be
Q301: Goodwill is an unusual asset in that
Q305: How is a gain or loss on
Q308: What are the similarities and differences between
Q325: Which of the following statements is correct?
A)
Q341: Match the statements below with the appropriate
Q342: Indicate whether each of the following expenditures
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents