ACCT Chapter 11 and 12

trade names and trademarks, newspaper masthead, internet domain names, non competition agreements are all examples of:

Customer lists, production backlogs, customer relationships are all examples of:

Copyrights on music, plays, songs are examples of:

Franchise, License, and Permit are all examples of:

How long does a copyright last:

Patents are an example of what kind of intangibles:

Recorded only when an entire business is purchased.

Not amortized.

Amount by which carrying amounts exceeds its fair value

Where is impairment loss recorded?

Once an impairment has been recorded, the reduced carrying amount of an asset held for use becomes its new:

Assets being held for disposal are NOT:

All R&D costs are to be charged to:

Start up costs are to be charged to:

Costs incurred internallyto create intangibles are to be:

For Indefinite Intangibles, on the __________________ test is employed,

What is not a factor in determining Useful life of intangibles:

What kind of purchase should be recognized as an extraordinary gain:

If legal life is less the useful life then use:

Where is the disclosure of the amortization expense for the next 5 years reported?

accounting process of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods that benefit from use of the asset

total depreciation from assets per year/ total costs of assets

Depreciable bases/total costs

Depreciation Expense reduces:

A recovery of a loss is only allowed if an asset is:

Is depreciation a valuation or cost allocation?

Intangibles are recorded at:

Which type of intangible is not amortized:

The amount that should be amortized is:

entry to amortize a patent:

Is drafting and design equipment is not a:

Entry for organization expense:

Entry to recover loss on impairment: