QUESTION 1 Match the term with the description. Assets that lack physical existence and are not financial instruments. A write off when the carrying amount of a long-lived asset is not recoverable. Incurred for one-time activities to start a new operation. Determines whether an impairment has occurred by estimating the future cash flows expected from the use of the asset. A federally granted right that all authors, painters, musicians, and artists have in their creations. When the purchaser in a business combination pays less than the fair value of the identifiable net assets. Costs such as legal and state fees incurred to organize a new business. incurred to develop new products or processes that may or may not result in commercially viable items. V The excess of the cost of the purchase over the fair value of the identifiable net assets purchased. A contractual agreement under which the franchisor grants the franchisee the right to sell certain products or services. a. start-up costs b. Bargain Purchase c. intangible assets d. copyright e. franchise f. organizational costs 8. research and development (R & D) costs h. impairment i. recoverability test j. goodwill

Matct the torm with the description * Assets that lack physical existence and ate not financial instruments A write ofl when the carrying amount of a long-lived asset is not recovorable - Incurred for one-time activitins to start a new oporation * Determines whother an impaitment has occurred by estimating the future cash flows expected from the use of the asset A foderally granted right that all authors, poitters musicians, and artists have in thelr creations When the purchasor in a buclness combination pays less than the fair value of the identifable net assets Costs such as legal and state fees incuated to organize a new business. incurred to develop new peoducts or processee that may or may not result in cornmercialy viatio ifems The excess of the cost of the purchase aver the far value of the identifiable net assots purchased - A contractual agreement under which the franchisor grants the franchisee the right to. beil certain products or services a. stant up costs b. Bargain Purchase c. intangiblo assots d. copyright e. franchise f. arganirational costs e research and devolopment (R. 8 D) costs himpalment L. recoverability test 1. goodvill