Matching
155. Listed below are five terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the best term placing the letter designating the term in the space provided.
Terms:
a. Patent
b. Copyright
c. Trademark
d. Franchise
e. Goodwill
Phrases:
_____ An exclusive right of protection given to the creator of a published work such as a song, film, painting, photograph, book, or computer software.
_____ Payment for the exclusive right to use the company’s name and to sell its products within a specified geographical area.
_____ The purchase price of a company less the fair value of the net assets acquired.
_____ An exclusive right to manufacture a product or to use a process.
_____ A word, slogan, or symbol that distinctively identifies a company, product, or service.
156. Listed below are five terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the best term placing the letter designating the term in the space provided.
Terms:
a. Capitalize
b. Materiality
c. Repairs and maintenance
d. Addition
e. Improvement
Phrases:
_____ Occurs when we add a new major component to an existing asset.
_____ The cost of replacing a major component of an asset.
_____ Large enough to influence an investor or creditor’s decision.
_____ Recording an expenditure as an asset.
_____ Expenses after acquisition that maintain a given level of benefits.