Matching
Match the items below.
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
Goodwill
Amortization
Intangible asset
Research and development 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:
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