Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 23

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
Must be expensed when incurred
Examples are franchises and licences
When carrying amount of asset is greater than the proceeds received from its sale
A symbol that identifies a particular company or product
Occurs if proceeds of disposal exceed the carrying amount
Long-lived assets replaceable only by an act of nature
Process of allocating the cost of an depreciable asset to expense over its useful life
Can be identified only with a business as a whole
Responses:
Intangible assets
Research costs
Gain on disposal
Depreciation
Goodwill
Trademark
Loss on disposal
Natural resources

Correct Answer:

Must be expensed when incurred
Examples are franchises and licences
When carrying amount of asset is greater than the proceeds received from its sale
A symbol that identifies a particular company or product
Occurs if proceeds of disposal exceed the carrying amount
Long-lived assets replaceable only by an act of nature
Process of allocating the cost of an depreciable asset to expense over its useful life
Can be identified only with a business as a whole
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