recognize the many similarities and differences between the accounting for natural r 617286

Match the statement with the term most directly associated with it.

1. The allocation of the cost of a natural resource to expense in a rational and systematic manner.
2. Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.
3. An exclusive right granted by the federal government to reproduce and sell an artistic or published work.
4. A right to sell certain products or services or to use certain trademarks or trade names within a designated geographic area.
5. Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.

Know that the accounting for intangibles often depends on whether the item has a finite or indefinite life.

Recognize the many similarities and differences between the accounting for natural resources, plant assets, and intangible assets.