Açıköğretim Ders Notları

Accountıng 2 Dersi 2. Ünite Sorularla Öğrenelim

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Intangible Assets And Natural Resources

1. Soru

What do long-term assets include?

Cevap

Long-term (non-current) assets include property, plant and equipment assets such as land, buildings, and machinery; intangible assets such as patents and copyrights; and natural resources such as timberland, mineral deposits and oil-and-gas fields.


2. Soru

What do long-term assets represent for a company?

Cevap

Assets represent a company’s strategic commitments well into the future and help create the revenue of the business.


3. Soru

What are intangible assets?

Cevap

Intangible assets are a unique kind of non-current assets that provide certain legal rights, privileges, and competitive advantages to the business. Intangible assets don’t have a physical substance or form unlike property, plant and equipment assets. Instead, intangible assets convey special rights from patents, copyrights, licenses, trademarks, etc. and other inventive works. Besides these, intangible assets also include pre-operating costs, research and development costs and leasehold improvements.


4. Soru

From which sources intangible assets generally arise?

Cevap

• Exclusive privileges granted bygovernmental authority such as patents, copyrights, franchises, trademarks, and tradenames.

• Private monopolistic arrangements arisingfrom contractual agreements such as franchises and leases.

• Acquisition of another business, in whichthe purchase price includes a payment for goodwill (Superior entrepreneurial capacity or management know-how and customer loyalty is related to goodwill.)


5. Soru

How are intangible assets categorized? Explain the categories.

Cevap

Intangibles are categorized as having either a limited life (definite life) or an indefinite life. A limited (definite) life means the useful life is subject to a legal limit or can be reasonably estimated. If an intangible asset has a limited life, it will be expensed through amortization.


6. Soru

Explain “amortization”.

Cevap

The company allocates this type of intangible asset’s cost to expense over their useful life. The process of allocating the cost of an intangible asset to expense over its useful life is referred to amortization


7. Soru

Which types of intangibles can be amortized?

Cevap

Only intangible assets that have a definite life are amortized. Intangible assets with indefinite lives should not be amortized.


8. Soru

What do rights consist of?

Cevap

Rights consist of patents, licenses, trademarks, franchises and copyrights.


9. Soru

Explain ‘patents’.

Cevap

Companies may acquire exclusive rights to produce and sell goods with one or more unique features. Such rights are granted by patents, which the federal government issues to inventors. Patentsare government grants given to the holder for invention in all fields of technology providing that the invention is new, involves an inventive step and is applicable to industry.


10. Soru

How can copyrights be explained?

Cevap

A copyright is an exclusive right granted by the government to publish, reproduce and sell a book, musical composition, film, other art works, computer programs, or intellectual property. Government grants copyrights to authors, composers, sculptors and other artists for their creations and works. Copyright belongs to the person who creates it.


11. Soru

What is a “trademark”?

Cevap

Trademarks (also called trade name) are assets that represent distinctive identifications of products or services. Trademarks may consist of any signs like words including personal names, figures, colors, letters, numbers, sounds and the shape of goods or their packages, providing that such signs are capable of distinguishing the goods or services of one undertaking from those of other undertakings and being represented on the register in a manner to determine clear and precise matter of protection afforded to its proprietor.


12. Soru

What is the difference between a ‘franchise’ and a ‘licence’?

Cevap

A franchise is a contractual arrangement between a franchisor and a franchisee. Franchises are privileges granted by a business to sell goods or services under specified conditions. The franchisor grants the franchisee the right to sell certain products, perform specific services, or use certain trademarks or trade names, usually within a designated geographic area. Licenses are privileges granted by a government to use public property in performing services.18 A license granted by a governmental body permits a company to use public property in performing its services.


13. Soru

What does ‘goodwill’ mean from an accounting viewpoint?

Cevap

From an accounting standpoint, goodwill is the excess of the cost to purchase another company over the market value of business’s net assets (total assets minus total liabilities). Goodwill is the value paid above the net worth of the company’s assets and liabilities.


14. Soru

How long does it take for a company to amortize a preoperating cost?

Cevap

Companies make preoperating expenditures when establishing a new business or founding a new branch or continuously expanding of the operations but in return there is no gain obtained. These kinds of expenditures are capitalized as an intangible asset named Preoperating Costs. Because the life of the company is assumed infinite, Preoperating cost are generally amortized within 5 years.


15. Soru

What are “Research and Development Costs” and when are they used?

Cevap

Research and Development expenditures are capitalized when the company makes expenditures for developing new technologies or products, or improves the current ones or expenditures made for similar aims. Related expenditures are capitalized by debiting in Research and Development Costs account. Research & Development Costs are generally amortized within 5 years.


16. Soru

What are some characteristics of natural resources? Explain with examples.

Cevap

Natural resources are long-term assets that come from the earth that are consumed such as Timberlands, Oil and Gas Reserves, and Mineral Deposits. These long-lived productive assets have two distinguishing characteristics:

(1) they are physically extracted in operations (such as mining, cutting, or pumping), and

(2) they are replaceable only by an act of nature.


17. Soru

Who owns the natural resources within a country’s borders?

Cevap

All mineral resources are exclusively owned by the state. They are not subject to private ownership rights. The right to explore and extract from mines is granted through mining licenses issued by the state under the Mining Law. (Article 4, Turkish Mining Law No. 3213, of 4 June 1985)


18. Soru

Explain ‘depletion’ and ‘depreciation’.

Cevap

The allocation of the natural resources’ cost to expense in a rational and systematic manner over the resource’s useful life is called depletion.Depletion is to natural resources as depreciation is to plant assets and amortization to intangible assets.


19. Soru

Describe and illustrate how to account for intangible assets.

Cevap

The purchase of an intangible asset should be treated as a capital expenditure and recorded at acquisition cost. In other words, the cost of intangible asset includes all acquiring expenditures and the necessary expenditures to bring the asset to its intended use. Some types of intangible assets can also be internally developed. The costs of these intangible assets can be measured by costs like registration fees and attorney’s fee. When an intangible asset is internally developed, it may be very difficult to evaluate it. These types of costs are generally recorded as a period expense.

If an intangible asset has a limited life, its cost should be allocated (amortized) over its useful life. Intangible assets with indefinite lives should not be amortized. Companies normally use the straight-line method for amortizing intangible assets.


20. Soru

Describe how natural resources, and intangible assets are reported and analyzed.

Cevap

In the balance sheet, each class of long term assets (non-current assets) should be disclosed on the main body of the statement or in the notes.

Intangible assets are usually reported in the balance sheet ina separate section following Property, Plant and Equipmentassets. The balance of each class of intangible assets should be disclosed on the balance sheet at their book value either in the face of the statement or the notes. Intangibles do not usually use a contra asset account like the contra asset account Accumulated Depreciation used for plant assets. Instead, companies record amortization of intangibles as a direct decrease (credit) to the asset account. Amortization expense is reported on the income statement as part of operations.


1. Soru

What do long-term assets include?

Cevap

Long-term (non-current) assets include property, plant and equipment assets such as land, buildings, and machinery; intangible assets such as patents and copyrights; and natural resources such as timberland, mineral deposits and oil-and-gas fields.

Long-term (non-current) assets include property, plant and equipment assets such as land, buildings, and machinery; intangible assets such as patents and copyrights; and natural resources such as timberland, mineral deposits and oil-and-gas fields.

Long-term (non-current) assets include property, plant and equipment assets such as land, buildings, and machinery; intangible assets such as patents and copyrights; and natural resources such as timberland, mineral deposits and oil-and-gas fields.

Long-term (non-current) assets include property, plant and equipment assets such as land, buildings, and machinery; intangible assets such as patents and copyrights; and natural resources such as timberland, mineral deposits and oil-and-gas fields.

Long-term (non-current) assets include property, plant and equipment assets such as land, buildings, and machinery; intangible assets such as patents and copyrights; and natural resources such as timberland, mineral deposits and oil-and-gas fields.

2. Soru

What do long-term assets represent for a company?

Cevap

Assets represent a company’s strategic commitments well into the future and help create the revenue of the business.

Assets represent a company’s strategic commitments well into the future and help create the revenue of the business.

Assets represent a company’s strategic commitments well into the future and help create the revenue of the business.

Assets represent a company’s strategic commitments well into the future and help create the revenue of the business.

Assets represent a company’s strategic commitments well into the future and help create the revenue of the business.

3. Soru

What are intangible assets?

Cevap

Intangible assets are a unique kind of non-current assets that provide certain legal rights, privileges, and competitive advantages to the business. Intangible assets don’t have a physical substance or form unlike property, plant and equipment assets. Instead, intangible assets convey special rights from patents, copyrights, licenses, trademarks, etc. and other inventive works. Besides these, intangible assets also include pre-operating costs, research and development costs and leasehold improvements.

Intangible assets are a unique kind of non-current assets that provide certain legal rights, privileges, and competitive advantages to the business. Intangible assets don’t have a physical substance or form unlike property, plant and equipment assets. Instead, intangible assets convey special rights from patents, copyrights, licenses, trademarks, etc. and other inventive works. Besides these, intangible assets also include pre-operating costs, research and development costs and leasehold improvements.

Intangible assets are a unique kind of non-current assets that provide certain legal rights, privileges, and competitive advantages to the business. Intangible assets don’t have a physical substance or form unlike property, plant and equipment assets. Instead, intangible assets convey special rights from patents, copyrights, licenses, trademarks, etc. and other inventive works. Besides these, intangible assets also include pre-operating costs, research and development costs and leasehold improvements.

Intangible assets are a unique kind of non-current assets that provide certain legal rights, privileges, and competitive advantages to the business. Intangible assets don’t have a physical substance or form unlike property, plant and equipment assets. Instead, intangible assets convey special rights from patents, copyrights, licenses, trademarks, etc. and other inventive works. Besides these, intangible assets also include pre-operating costs, research and development costs and leasehold improvements.

Intangible assets are a unique kind of non-current assets that provide certain legal rights, privileges, and competitive advantages to the business. Intangible assets don’t have a physical substance or form unlike property, plant and equipment assets. Instead, intangible assets convey special rights from patents, copyrights, licenses, trademarks, etc. and other inventive works. Besides these, intangible assets also include pre-operating costs, research and development costs and leasehold improvements.

4. Soru

From which sources intangible assets generally arise?

Cevap

• Exclusive privileges granted bygovernmental authority such as patents, copyrights, franchises, trademarks, and tradenames.

• Private monopolistic arrangements arisingfrom contractual agreements such as franchises and leases.

• Acquisition of another business, in whichthe purchase price includes a payment for goodwill (Superior entrepreneurial capacity or management know-how and customer loyalty is related to goodwill.)

• Exclusive privileges granted bygovernmental authority such as patents, copyrights, franchises, trademarks, and tradenames.

• Private monopolistic arrangements arisingfrom contractual agreements such as franchises and leases.

• Acquisition of another business, in whichthe purchase price includes a payment for goodwill (Superior entrepreneurial capacity or management know-how and customer loyalty is related to goodwill.)

• Exclusive privileges granted bygovernmental authority such as patents, copyrights, franchises, trademarks, and tradenames.

• Private monopolistic arrangements arisingfrom contractual agreements such as franchises and leases.

• Acquisition of another business, in whichthe purchase price includes a payment for goodwill (Superior entrepreneurial capacity or management know-how and customer loyalty is related to goodwill.)

• Exclusive privileges granted bygovernmental authority such as patents, copyrights, franchises, trademarks, and tradenames.

• Private monopolistic arrangements arisingfrom contractual agreements such as franchises and leases.

• Acquisition of another business, in whichthe purchase price includes a payment for goodwill (Superior entrepreneurial capacity or management know-how and customer loyalty is related to goodwill.)

• Exclusive privileges granted bygovernmental authority such as patents, copyrights, franchises, trademarks, and tradenames.

• Private monopolistic arrangements arisingfrom contractual agreements such as franchises and leases.

• Acquisition of another business, in whichthe purchase price includes a payment for goodwill (Superior entrepreneurial capacity or management know-how and customer loyalty is related to goodwill.)

5. Soru

How are intangible assets categorized? Explain the categories.

Cevap

Intangibles are categorized as having either a limited life (definite life) or an indefinite life. A limited (definite) life means the useful life is subject to a legal limit or can be reasonably estimated. If an intangible asset has a limited life, it will be expensed through amortization.

Intangibles are categorized as having either a limited life (definite life) or an indefinite life. A limited (definite) life means the useful life is subject to a legal limit or can be reasonably estimated. If an intangible asset has a limited life, it will be expensed through amortization.

Intangibles are categorized as having either a limited life (definite life) or an indefinite life. A limited (definite) life means the useful life is subject to a legal limit or can be reasonably estimated. If an intangible asset has a limited life, it will be expensed through amortization.

Intangibles are categorized as having either a limited life (definite life) or an indefinite life. A limited (definite) life means the useful life is subject to a legal limit or can be reasonably estimated. If an intangible asset has a limited life, it will be expensed through amortization.

6. Soru

Explain “amortization”.

Cevap

The company allocates this type of intangible asset’s cost to expense over their useful life. The process of allocating the cost of an intangible asset to expense over its useful life is referred to amortization

The company allocates this type of intangible asset’s cost to expense over their useful life. The process of allocating the cost of an intangible asset to expense over its useful life is referred to amortization

The company allocates this type of intangible asset’s cost to expense over their useful life. The process of allocating the cost of an intangible asset to expense over its useful life is referred to amortization

The company allocates this type of intangible asset’s cost to expense over their useful life. The process of allocating the cost of an intangible asset to expense over its useful life is referred to amortization

7. Soru

Which types of intangibles can be amortized?

Cevap

Only intangible assets that have a definite life are amortized. Intangible assets with indefinite lives should not be amortized.

Only intangible assets that have a definite life are amortized. Intangible assets with indefinite lives should not be amortized.

Only intangible assets that have a definite life are amortized. Intangible assets with indefinite lives should not be amortized.

Only intangible assets that have a definite life are amortized. Intangible assets with indefinite lives should not be amortized.

8. Soru

What do rights consist of?

Cevap

Rights consist of patents, licenses, trademarks, franchises and copyrights.

Rights consist of patents, licenses, trademarks, franchises and copyrights.

Rights consist of patents, licenses, trademarks, franchises and copyrights.

Rights consist of patents, licenses, trademarks, franchises and copyrights.

9. Soru

Explain ‘patents’.

Cevap

Companies may acquire exclusive rights to produce and sell goods with one or more unique features. Such rights are granted by patents, which the federal government issues to inventors. Patentsare government grants given to the holder for invention in all fields of technology providing that the invention is new, involves an inventive step and is applicable to industry.

Companies may acquire exclusive rights to produce and sell goods with one or more unique features. Such rights are granted by patents, which the federal government issues to inventors. Patentsare government grants given to the holder for invention in all fields of technology providing that the invention is new, involves an inventive step and is applicable to industry.

Companies may acquire exclusive rights to produce and sell goods with one or more unique features. Such rights are granted by patents, which the federal government issues to inventors. Patentsare government grants given to the holder for invention in all fields of technology providing that the invention is new, involves an inventive step and is applicable to industry.

Companies may acquire exclusive rights to produce and sell goods with one or more unique features. Such rights are granted by patents, which the federal government issues to inventors. Patentsare government grants given to the holder for invention in all fields of technology providing that the invention is new, involves an inventive step and is applicable to industry.

10. Soru

How can copyrights be explained?

Cevap

A copyright is an exclusive right granted by the government to publish, reproduce and sell a book, musical composition, film, other art works, computer programs, or intellectual property. Government grants copyrights to authors, composers, sculptors and other artists for their creations and works. Copyright belongs to the person who creates it.

A copyright is an exclusive right granted by the government to publish, reproduce and sell a book, musical composition, film, other art works, computer programs, or intellectual property. Government grants copyrights to authors, composers, sculptors and other artists for their creations and works. Copyright belongs to the person who creates it.

A copyright is an exclusive right granted by the government to publish, reproduce and sell a book, musical composition, film, other art works, computer programs, or intellectual property. Government grants copyrights to authors, composers, sculptors and other artists for their creations and works. Copyright belongs to the person who creates it.

A copyright is an exclusive right granted by the government to publish, reproduce and sell a book, musical composition, film, other art works, computer programs, or intellectual property. Government grants copyrights to authors, composers, sculptors and other artists for their creations and works. Copyright belongs to the person who creates it.

A copyright is an exclusive right granted by the government to publish, reproduce and sell a book, musical composition, film, other art works, computer programs, or intellectual property. Government grants copyrights to authors, composers, sculptors and other artists for their creations and works. Copyright belongs to the person who creates it.

11. Soru

What is a “trademark”?

Cevap

Trademarks (also called trade name) are assets that represent distinctive identifications of products or services. Trademarks may consist of any signs like words including personal names, figures, colors, letters, numbers, sounds and the shape of goods or their packages, providing that such signs are capable of distinguishing the goods or services of one undertaking from those of other undertakings and being represented on the register in a manner to determine clear and precise matter of protection afforded to its proprietor.

Trademarks (also called trade name) are assets that represent distinctive identifications of products or services. Trademarks may consist of any signs like words including personal names, figures, colors, letters, numbers, sounds and the shape of goods or their packages, providing that such signs are capable of distinguishing the goods or services of one undertaking from those of other undertakings and being represented on the register in a manner to determine clear and precise matter of protection afforded to its proprietor.

Trademarks (also called trade name) are assets that represent distinctive identifications of products or services. Trademarks may consist of any signs like words including personal names, figures, colors, letters, numbers, sounds and the shape of goods or their packages, providing that such signs are capable of distinguishing the goods or services of one undertaking from those of other undertakings and being represented on the register in a manner to determine clear and precise matter of protection afforded to its proprietor.

Trademarks (also called trade name) are assets that represent distinctive identifications of products or services. Trademarks may consist of any signs like words including personal names, figures, colors, letters, numbers, sounds and the shape of goods or their packages, providing that such signs are capable of distinguishing the goods or services of one undertaking from those of other undertakings and being represented on the register in a manner to determine clear and precise matter of protection afforded to its proprietor.

Trademarks (also called trade name) are assets that represent distinctive identifications of products or services. Trademarks may consist of any signs like words including personal names, figures, colors, letters, numbers, sounds and the shape of goods or their packages, providing that such signs are capable of distinguishing the goods or services of one undertaking from those of other undertakings and being represented on the register in a manner to determine clear and precise matter of protection afforded to its proprietor.

12. Soru

What is the difference between a ‘franchise’ and a ‘licence’?

Cevap

A franchise is a contractual arrangement between a franchisor and a franchisee. Franchises are privileges granted by a business to sell goods or services under specified conditions. The franchisor grants the franchisee the right to sell certain products, perform specific services, or use certain trademarks or trade names, usually within a designated geographic area. Licenses are privileges granted by a government to use public property in performing services.18 A license granted by a governmental body permits a company to use public property in performing its services.

A franchise is a contractual arrangement between a franchisor and a franchisee. Franchises are privileges granted by a business to sell goods or services under specified conditions. The franchisor grants the franchisee the right to sell certain products, perform specific services, or use certain trademarks or trade names, usually within a designated geographic area. Licenses are privileges granted by a government to use public property in performing services.18 A license granted by a governmental body permits a company to use public property in performing its services.

A franchise is a contractual arrangement between a franchisor and a franchisee. Franchises are privileges granted by a business to sell goods or services under specified conditions. The franchisor grants the franchisee the right to sell certain products, perform specific services, or use certain trademarks or trade names, usually within a designated geographic area. Licenses are privileges granted by a government to use public property in performing services.18 A license granted by a governmental body permits a company to use public property in performing its services.

A franchise is a contractual arrangement between a franchisor and a franchisee. Franchises are privileges granted by a business to sell goods or services under specified conditions. The franchisor grants the franchisee the right to sell certain products, perform specific services, or use certain trademarks or trade names, usually within a designated geographic area. Licenses are privileges granted by a government to use public property in performing services.18 A license granted by a governmental body permits a company to use public property in performing its services.

A franchise is a contractual arrangement between a franchisor and a franchisee. Franchises are privileges granted by a business to sell goods or services under specified conditions. The franchisor grants the franchisee the right to sell certain products, perform specific services, or use certain trademarks or trade names, usually within a designated geographic area. Licenses are privileges granted by a government to use public property in performing services.18 A license granted by a governmental body permits a company to use public property in performing its services.

13. Soru

What does ‘goodwill’ mean from an accounting viewpoint?

Cevap

From an accounting standpoint, goodwill is the excess of the cost to purchase another company over the market value of business’s net assets (total assets minus total liabilities). Goodwill is the value paid above the net worth of the company’s assets and liabilities.

From an accounting standpoint, goodwill is the excess of the cost to purchase another company over the market value of business’s net assets (total assets minus total liabilities). Goodwill is the value paid above the net worth of the company’s assets and liabilities.

From an accounting standpoint, goodwill is the excess of the cost to purchase another company over the market value of business’s net assets (total assets minus total liabilities). Goodwill is the value paid above the net worth of the company’s assets and liabilities.

From an accounting standpoint, goodwill is the excess of the cost to purchase another company over the market value of business’s net assets (total assets minus total liabilities). Goodwill is the value paid above the net worth of the company’s assets and liabilities.

From an accounting standpoint, goodwill is the excess of the cost to purchase another company over the market value of business’s net assets (total assets minus total liabilities). Goodwill is the value paid above the net worth of the company’s assets and liabilities.

14. Soru

How long does it take for a company to amortize a preoperating cost?

Cevap

Companies make preoperating expenditures when establishing a new business or founding a new branch or continuously expanding of the operations but in return there is no gain obtained. These kinds of expenditures are capitalized as an intangible asset named Preoperating Costs. Because the life of the company is assumed infinite, Preoperating cost are generally amortized within 5 years.

Companies make preoperating expenditures when establishing a new business or founding a new branch or continuously expanding of the operations but in return there is no gain obtained. These kinds of expenditures are capitalized as an intangible asset named Preoperating Costs. Because the life of the company is assumed infinite, Preoperating cost are generally amortized within 5 years.

Companies make preoperating expenditures when establishing a new business or founding a new branch or continuously expanding of the operations but in return there is no gain obtained. These kinds of expenditures are capitalized as an intangible asset named Preoperating Costs. Because the life of the company is assumed infinite, Preoperating cost are generally amortized within 5 years.

Companies make preoperating expenditures when establishing a new business or founding a new branch or continuously expanding of the operations but in return there is no gain obtained. These kinds of expenditures are capitalized as an intangible asset named Preoperating Costs. Because the life of the company is assumed infinite, Preoperating cost are generally amortized within 5 years.

Companies make preoperating expenditures when establishing a new business or founding a new branch or continuously expanding of the operations but in return there is no gain obtained. These kinds of expenditures are capitalized as an intangible asset named Preoperating Costs. Because the life of the company is assumed infinite, Preoperating cost are generally amortized within 5 years.

15. Soru

What are “Research and Development Costs” and when are they used?

Cevap

Research and Development expenditures are capitalized when the company makes expenditures for developing new technologies or products, or improves the current ones or expenditures made for similar aims. Related expenditures are capitalized by debiting in Research and Development Costs account. Research & Development Costs are generally amortized within 5 years.

Research and Development expenditures are capitalized when the company makes expenditures for developing new technologies or products, or improves the current ones or expenditures made for similar aims. Related expenditures are capitalized by debiting in Research and Development Costs account. Research & Development Costs are generally amortized within 5 years.

Research and Development expenditures are capitalized when the company makes expenditures for developing new technologies or products, or improves the current ones or expenditures made for similar aims. Related expenditures are capitalized by debiting in Research and Development Costs account. Research & Development Costs are generally amortized within 5 years.

Research and Development expenditures are capitalized when the company makes expenditures for developing new technologies or products, or improves the current ones or expenditures made for similar aims. Related expenditures are capitalized by debiting in Research and Development Costs account. Research & Development Costs are generally amortized within 5 years.

Research and Development expenditures are capitalized when the company makes expenditures for developing new technologies or products, or improves the current ones or expenditures made for similar aims. Related expenditures are capitalized by debiting in Research and Development Costs account. Research & Development Costs are generally amortized within 5 years.

16. Soru

What are some characteristics of natural resources? Explain with examples.

Cevap

Natural resources are long-term assets that come from the earth that are consumed such as Timberlands, Oil and Gas Reserves, and Mineral Deposits. These long-lived productive assets have two distinguishing characteristics:

(1) they are physically extracted in operations (such as mining, cutting, or pumping), and

(2) they are replaceable only by an act of nature.

Natural resources are long-term assets that come from the earth that are consumed such as Timberlands, Oil and Gas Reserves, and Mineral Deposits. These long-lived productive assets have two distinguishing characteristics:

(1) they are physically extracted in operations (such as mining, cutting, or pumping), and

(2) they are replaceable only by an act of nature.

Natural resources are long-term assets that come from the earth that are consumed such as Timberlands, Oil and Gas Reserves, and Mineral Deposits. These long-lived productive assets have two distinguishing characteristics:

(1) they are physically extracted in operations (such as mining, cutting, or pumping), and

(2) they are replaceable only by an act of nature.

Natural resources are long-term assets that come from the earth that are consumed such as Timberlands, Oil and Gas Reserves, and Mineral Deposits. These long-lived productive assets have two distinguishing characteristics:

(1) they are physically extracted in operations (such as mining, cutting, or pumping), and

(2) they are replaceable only by an act of nature.

Natural resources are long-term assets that come from the earth that are consumed such as Timberlands, Oil and Gas Reserves, and Mineral Deposits. These long-lived productive assets have two distinguishing characteristics:

(1) they are physically extracted in operations (such as mining, cutting, or pumping), and

(2) they are replaceable only by an act of nature.

17. Soru

Who owns the natural resources within a country’s borders?

Cevap

All mineral resources are exclusively owned by the state. They are not subject to private ownership rights. The right to explore and extract from mines is granted through mining licenses issued by the state under the Mining Law. (Article 4, Turkish Mining Law No. 3213, of 4 June 1985)

All mineral resources are exclusively owned by the state. They are not subject to private ownership rights. The right to explore and extract from mines is granted through mining licenses issued by the state under the Mining Law. (Article 4, Turkish Mining Law No. 3213, of 4 June 1985)

All mineral resources are exclusively owned by the state. They are not subject to private ownership rights. The right to explore and extract from mines is granted through mining licenses issued by the state under the Mining Law. (Article 4, Turkish Mining Law No. 3213, of 4 June 1985)

All mineral resources are exclusively owned by the state. They are not subject to private ownership rights. The right to explore and extract from mines is granted through mining licenses issued by the state under the Mining Law. (Article 4, Turkish Mining Law No. 3213, of 4 June 1985)

All mineral resources are exclusively owned by the state. They are not subject to private ownership rights. The right to explore and extract from mines is granted through mining licenses issued by the state under the Mining Law. (Article 4, Turkish Mining Law No. 3213, of 4 June 1985)

All mineral resources are exclusively owned by the state. They are not subject to private ownership rights. The right to explore and extract from mines is granted through mining licenses issued by the state under the Mining Law. (Article 4, Turkish Mining Law No. 3213, of 4 June 1985)

All mineral resources are exclusively owned by the state. They are not subject to private ownership rights. The right to explore and extract from mines is granted through mining licenses issued by the state under the Mining Law. (Article 4, Turkish Mining Law No. 3213, of 4 June 1985)

18. Soru

Explain ‘depletion’ and ‘depreciation’.

Cevap

The allocation of the natural resources’ cost to expense in a rational and systematic manner over the resource’s useful life is called depletion.Depletion is to natural resources as depreciation is to plant assets and amortization to intangible assets.

The allocation of the natural resources’ cost to expense in a rational and systematic manner over the resource’s useful life is called depletion.Depletion is to natural resources as depreciation is to plant assets and amortization to intangible assets.

The allocation of the natural resources’ cost to expense in a rational and systematic manner over the resource’s useful life is called depletion.Depletion is to natural resources as depreciation is to plant assets and amortization to intangible assets.

The allocation of the natural resources’ cost to expense in a rational and systematic manner over the resource’s useful life is called depletion.Depletion is to natural resources as depreciation is to plant assets and amortization to intangible assets.

The allocation of the natural resources’ cost to expense in a rational and systematic manner over the resource’s useful life is called depletion.Depletion is to natural resources as depreciation is to plant assets and amortization to intangible assets.

19. Soru

Describe and illustrate how to account for intangible assets.

Describe and illustrate how to account for intangible assets.

Describe and illustrate how to account for intangible assets.

Describe and illustrate how to account for intangible assets.

Describe and illustrate how to account for intangible assets.

Cevap

The purchase of an intangible asset should be treated as a capital expenditure and recorded at acquisition cost. In other words, the cost of intangible asset includes all acquiring expenditures and the necessary expenditures to bring the asset to its intended use. Some types of intangible assets can also be internally developed. The costs of these intangible assets can be measured by costs like registration fees and attorney’s fee. When an intangible asset is internally developed, it may be very difficult to evaluate it. These types of costs are generally recorded as a period expense.

If an intangible asset has a limited life, its cost should be allocated (amortized) over its useful life. Intangible assets with indefinite lives should not be amortized. Companies normally use the straight-line method for amortizing intangible assets.

The purchase of an intangible asset should be treated as a capital expenditure and recorded at acquisition cost. In other words, the cost of intangible asset includes all acquiring expenditures and the necessary expenditures to bring the asset to its intended use. Some types of intangible assets can also be internally developed. The costs of these intangible assets can be measured by costs like registration fees and attorney’s fee. When an intangible asset is internally developed, it may be very difficult to evaluate it. These types of costs are generally recorded as a period expense.

If an intangible asset has a limited life, its cost should be allocated (amortized) over its useful life. Intangible assets with indefinite lives should not be amortized. Companies normally use the straight-line method for amortizing intangible assets.

The purchase of an intangible asset should be treated as a capital expenditure and recorded at acquisition cost. In other words, the cost of intangible asset includes all acquiring expenditures and the necessary expenditures to bring the asset to its intended use. Some types of intangible assets can also be internally developed. The costs of these intangible assets can be measured by costs like registration fees and attorney’s fee. When an intangible asset is internally developed, it may be very difficult to evaluate it. These types of costs are generally recorded as a period expense.

If an intangible asset has a limited life, its cost should be allocated (amortized) over its useful life. Intangible assets with indefinite lives should not be amortized. Companies normally use the straight-line method for amortizing intangible assets.

The purchase of an intangible asset should be treated as a capital expenditure and recorded at acquisition cost. In other words, the cost of intangible asset includes all acquiring expenditures and the necessary expenditures to bring the asset to its intended use. Some types of intangible assets can also be internally developed. The costs of these intangible assets can be measured by costs like registration fees and attorney’s fee. When an intangible asset is internally developed, it may be very difficult to evaluate it. These types of costs are generally recorded as a period expense.

If an intangible asset has a limited life, its cost should be allocated (amortized) over its useful life. Intangible assets with indefinite lives should not be amortized. Companies normally use the straight-line method for amortizing intangible assets.

The purchase of an intangible asset should be treated as a capital expenditure and recorded at acquisition cost. In other words, the cost of intangible asset includes all acquiring expenditures and the necessary expenditures to bring the asset to its intended use. Some types of intangible assets can also be internally developed. The costs of these intangible assets can be measured by costs like registration fees and attorney’s fee. When an intangible asset is internally developed, it may be very difficult to evaluate it. These types of costs are generally recorded as a period expense.

If an intangible asset has a limited life, its cost should be allocated (amortized) over its useful life. Intangible assets with indefinite lives should not be amortized. Companies normally use the straight-line method for amortizing intangible assets.

20. Soru

Describe how natural resources, and intangible assets are reported and analyzed.

Describe how natural resources, and intangible assets are reported and analyzed.

Describe how natural resources, and intangible assets are reported and analyzed.

Describe how natural resources, and intangible assets are reported and analyzed.

Describe how natural resources, and intangible assets are reported and analyzed.

Cevap

In the balance sheet, each class of long term assets (non-current assets) should be disclosed on the main body of the statement or in the notes.

Intangible assets are usually reported in the balance sheet ina separate section following Property, Plant and Equipmentassets. The balance of each class of intangible assets should be disclosed on the balance sheet at their book value either in the face of the statement or the notes. Intangibles do not usually use a contra asset account like the contra asset account Accumulated Depreciation used for plant assets. Instead, companies record amortization of intangibles as a direct decrease (credit) to the asset account. Amortization expense is reported on the income statement as part of operations.

In the balance sheet, each class of long term assets (non-current assets) should be disclosed on the main body of the statement or in the notes.

Intangible assets are usually reported in the balance sheet ina separate section following Property, Plant and Equipmentassets. The balance of each class of intangible assets should be disclosed on the balance sheet at their book value either in the face of the statement or the notes. Intangibles do not usually use a contra asset account like the contra asset account Accumulated Depreciation used for plant assets. Instead, companies record amortization of intangibles as a direct decrease (credit) to the asset account. Amortization expense is reported on the income statement as part of operations.

In the balance sheet, each class of long term assets (non-current assets) should be disclosed on the main body of the statement or in the notes.

Intangible assets are usually reported in the balance sheet ina separate section following Property, Plant and Equipmentassets. The balance of each class of intangible assets should be disclosed on the balance sheet at their book value either in the face of the statement or the notes. Intangibles do not usually use a contra asset account like the contra asset account Accumulated Depreciation used for plant assets. Instead, companies record amortization of intangibles as a direct decrease (credit) to the asset account. Amortization expense is reported on the income statement as part of operations.

In the balance sheet, each class of long term assets (non-current assets) should be disclosed on the main body of the statement or in the notes.

Intangible assets are usually reported in the balance sheet ina separate section following Property, Plant and Equipmentassets. The balance of each class of intangible assets should be disclosed on the balance sheet at their book value either in the face of the statement or the notes. Intangibles do not usually use a contra asset account like the contra asset account Accumulated Depreciation used for plant assets. Instead, companies record amortization of intangibles as a direct decrease (credit) to the asset account. Amortization expense is reported on the income statement as part of operations.

In the balance sheet, each class of long term assets (non-current assets) should be disclosed on the main body of the statement or in the notes.

Intangible assets are usually reported in the balance sheet ina separate section following Property, Plant and Equipmentassets. The balance of each class of intangible assets should be disclosed on the balance sheet at their book value either in the face of the statement or the notes. Intangibles do not usually use a contra asset account like the contra asset account Accumulated Depreciation used for plant assets. Instead, companies record amortization of intangibles as a direct decrease (credit) to the asset account. Amortization expense is reported on the income statement as part of operations.

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