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