0.4KB/s 4G+ 12:42 PM 61 00:18:04 Remaining Multiple Choice Which of the following statements is false regarding FRANCHISE [contract-based intangible asset)? Franchise agreements may be made between the government and private entities The cost of franchise includes the initial franchise fee and related legal fees O Franchise should be amortized over contract term or useful life, whichever is longer Periodic or continuing franchise fee should be expensed in the period incurred

0.4KB/s 4G+ 12:42 PM 61 00:18:04 Remaining Multiple Choice Which of the following statements is false regarding FRANCHISE [contract-based intangible asset)? Franchise agreements may be made between the government and private entities The cost of franchise includes the initial franchise fee and related legal fees O Franchise should be amortized over contract term or useful life, whichever is longer Periodic or continuing franchise fee should be expensed in the period incurred

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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EXERCISE 11–1 Indicate whether the items below are to be capitalized as an intangible asset or expensed. Which account(s) would each item be recorded to? Salaries of research staff Costs to test prototypes Borrowing costs for development of a qualifying intangible asset Executive salaries for time spent on development of an intangible asset Costs to launch a new product Purchase cost of a patent from a third party Product research costs Costs internally incurred to create goodwill Legal costs to successfully defend a patent Purchase price of new software Training costs for new software Direct costs of special programming needed when purchasing new software Costs incurred in forming a corporation for purposes of commercializing a new product Operating losses incurred in the start-up of a business to manufacture a patented produce The purchase cost of a franchise The cost of developing a patent The cost of purchasing a patent from an inventor Legal costs incurred in securing a patent…
#32 of 20 questions Multiple Choices --Previous Questions-- Multiple Choice Questions The following are risks of ownership Except: OLessee maintained assets OLessee has right to use assets for most or all of it useful life. OLessee runs the risk of technological obsolescence. b) Lessee insures assets OLessee insures asset dy
Ex 17.6 The Gloaming company incurred the following costs during a period in relation to a specific area of interest and wants to capitalise its E & E costs on an area of interest method.The following costs were incurred:Cash paid to acquire seismic study from government(GST exempt) 3,000Cash paid to acquire exploration rights(GST exempt) 10,000Cash paid to acquire fencing materials for an area-of-interest, including GST of $80 880Contractor fees for labour to set up the fencing, including GST of $50550Contractor fees for exploratory drilling, including GST $2,50027,500Hire of drilling equipment for contractor use, including GST of $5005,500Salary of project manager 60,000Stationery and other office supplies, including GST $30 330Gloaming company non executive directors fees paid 160,000Required:Which of the above costs can be capitalised as E& E assets?
4G+ 12:43 PM 12.6KB/s © l 61 00:17:22 Remaining Multiple Choice The cost of intangible asset acquired by way of government grant is recorded at Fair value Nominal amount plus directly attributable costs Fair value or nominal amount plus directly attributable costs, whichever is lower Fair value or nominal amount plus directly attributable costs, representing an accounting policy choice by the entity 7 of 25 レ

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Exercise 11-30 (Algo) Impairment; property, plant, and equipment [LO11-8] General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant: Cost Accumulated depreciation General's estimate of the total cash flows to be generated by selling the products manufactured at its Arizona plant, not discounted to present value The fair value of the Arizona plant is estimated to be $19.5 million. Required: 1. Determine the amount of impairment loss. 2. If a loss is indicated, prepare the entry to record the loss. 3. & 4. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is (3) $19.5 million instead of $18.4 million and (4) $34.25 million instead of $18.4 million. Complete this question by entering your answers in the tabs below.…
the following facts pertain to a non-cancelable lease agreement between Alschuler leasing company and mcKee Electronics, a leessee,for a computer system.
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• Match the following phrase to the term -Costs that are expensed rather than capitalized -A series of equal payment made at equal intervals -The translation of new knowledge into new products -Attempt to find new knowledge -Price paid for a subsidiary in excess of the fair value of its net assets Options: -Research -Annuity -Development -Goodwill -Research and Development • Match the following phrase to the term -Gives rise to deferred taxes -EBIT minus interest -Lease agreement where the risks and benefits are not conveyed to the lessee -Account holding both interest expense and amortization expense on an operating lease -Lease agreement where the risks and benefits are conveyed to the lessee Options: Operating lease -Lease expense -Finance lease -Temporary difference -Times -Interest -earned
question 28
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19An agreement signed by both the franchisee and franchisor is called Group of answer choices Board Resolution Franchise Offer Franchise Agreement Contract Affidavit of Franchise Ownership