Exam 5 Flashcards
1
Q
What are the three main types of Non-current assets?
A
- Long-Term Investments
- Property, Plant, and Equipment
- Intangible Assets
2
Q
What are the two categories of Long-Term Investments?
A
- Held to maturity – Bonds
- Available for Sale – Equity
3
Q
What types of items are included in Property, Plant, and Equipment?
A
- Land
- Buildings
- Machinery
- Computers
- Furniture
- Vehicles
4
Q
What is the Contra Account associated with Property, Plant, and Equipment?
A
Accumulated Depreciation
5
Q
What are Intangible Assets?
A
Assets that lack physical substance
6
Q
List examples of Intangible Assets.
A
- Patents
- Copyrights
- Trademarks
- Franchises
- Licenses
- Goodwill
7
Q
What are the types of Intangible Assets?
A
- Limited-life intangibles
- Unlimited-life intangibles
- Goodwill
8
Q
Fill in the blank: Long-Term Investments can be classified as _______.
A
Held to maturity – Bonds
Available for Sale – Equity
9
Q
True or False: Goodwill is considered a limited-life intangible asset.
A
False
