Intangible Assets With An Identifiable Useful Life Include ______.
Question: Which of the following is not a tangible asset?
Land
Truck
Pepsi trademark
Oil reserves
Answer: Pepsi trademark
Question: The term used to recognize expense for property, plant, and equipment is ______.
Answer: depreciation
Question: Intangible assets may have ______.
an identifiable useful life
- an indefinite useful life
- visible signs of deterioration
- a legal useful life
Answer: an identifiable useful life
an indefinite useful life
a legal useful life
Question: The cost of equipment includes ______.
- fine for work safety violations during installation
- cash discount from the list price
- Purchase price
- ordinary installation cost
- damage caused while unloading
Answer: cash discount from the list price
Purchase price
ordinary installation cost
Question: The salvage value of an asset is the ______.
Answer: expected market value of a fully depreciated asset
Question: Assets that have a physical presence that enables them to be seen and touched are called _____ assets.
Answer: tangible
Question: Property, plant and equipment is sometimes called plant assets or _____ assets.
Answer: fixed
Question: Because double-declining balance depreciation recognizes depreciation expense faster than straight-line, it is called a(n) ____ method.
Answer: accelerated
Question: Intangible assets with an
life include ______.
trademarks
goodwill
copyrights
patents
Answer: copyrights
patents
Question: The cost of a building includes ______.
maintenance
purchase price
renovation costs
fire Insurance
realtor commissions
Answer: purchase price
renovation costs
realtor commissions