Acc114#3

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Gain on disposal

Is only recorded when an exchange has commercial substance

Trademark

A symbol that identifies a particular enterprise or product

Useful life

An estimate of the expected productive life of an asset

Good will

Can be identified only with a business as a whole

Intangible asset

Examples are franchises and licenses

Asset turnover

Indicates how efficiently a company is able to generate sales with its assets

Research and development

Must be expensed when incurred

Ammortization

Process of allocating the cost of an intangible asset to expense over its useful life

Depletion

The allocation of the cost of a natural resource to expense over its useful life

Loss on disposal

When book value of an asset is greater than the proceeds received from its sales


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