25 - What is the name given to assets with a physical structure, which are acquired for use in business activities and whose estimated useful life is more than one operating period? A) Assets subject to special consumption B) Intangible Fixed Asset C) Tangible Fixed Asset D) Fixed Asset E) Financial fixed assets

25 - What is the name given to assets with a physical structure, which are acquired for use in business activities and whose estimated useful life is more than one operating period? A) Assets subject to special consumption B) Intangible Fixed Asset C) Tangible Fixed Asset D) Fixed Asset E) Financial fixed assets

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 1MC: Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets...

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Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets C. tangible assets D. intangible assets
Question 2: one of the following is a definition of asset: a- a present economic resource controlled by the entity as a result of a future event b- a present economic resource owned by the entity as a result of a future event C- a present economic resource owned by the entity as a result of a past event d- a present economic resource controlled by the entity as a result of a past event
5. Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are accounted for by an SME as a. Outright expenses b. Capitalizable costs c. a or b d. a component of other comprehensive income
6. Situation in which company replaces existing assets with new assets is classified asA. replacement projects B. new projectsC. existing projects D. internal projects
Listed below are several terms and phrases associated with operational assets. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it. List A List B _____ 1. Depreciation _____ 2. Goodwill _____ 3. Amortization _____ 4. Natural resources _____ 5. Intangible assets _____ 6. Copyright _____ 7. Trademark a. Exclusive right to display a word, a symbol, or anemblem.b. Exclusive right to benefit from a creative work.c. Assets that represent contractual rights.d. Oil and gas deposits, timber tracts, and mineraldeposits.e. Purchase price less fair value of net identifiableassets.f. The allocation of cost for plant and equipment.g. The allocation of cost for intangible assets.
_______Accounting concept is in valuation of fixed assets? A. Historical cost concept B. Dual aspect concept C. Entity concept D. Realisation
Expenditures to acquire long-term assets are most likely classified as a. Personnel Services b. Maintenance and Other Operating Expenses c. Financial Expenses d. Capital Outlays
QUESTION 17 Match the term on the left to the appropriate description on the right. v Historical cost A. The amount of a PP&E asset's acquisition cost that will be depreciated over the asset's useful life v Depreciable cost B. An asset whose value derives from rights and privileges rather than physical existence v Salvage value v Accumulated depreciation C. The capitalized acquisition cost of an asset v Intangible asset v Amortization D. The process of allocating an intangible asset's acquisition cost to expense over its useful life E. The book value of a fully-depreciated PP&E asset F. The total amount of depreciation expense that has been recorded to-date for a PP&E asset
__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability
Intangible Assets Product development costs represent a considerable expenditure for companies. They are either written off as expense or capitalized as assets. Required: a. Discuss the conceptual issues and the definition of an asset that may be applied in determining whether development expenditure should be treated as an expense or an asset.
Which intangible assets are amortized over their useful life? a.trademarks b.goodwill c.patents d.all of these
For the following list of assets, identify each as being classified as tangible (T) or intangible (I). Cash - Accounts receivable - Patent - Land - Copyright - Oil reserves - Investments - Vehicle - Goodwill - Trademark - Inventory - Franchise -