Acc291 Principles of Accounting: Do It!9-5 Match Intangible Assets with Concepts

Acc291 Principles of Accounting
Do It! 9-5 Match intangible assets with concepts
Match the statement with the term most directly associated with it.
Goodwill Franchise
Amortization Research and development costs
Intangible assets

1. _______ Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.
2. _______ The allocation of the cost of an intangible asset to expense in a rational and systematic manner.
3. _______ A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.
4. _______ Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.
5. _______ The excess of the cost of a company over the fair value of the net assets required.
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