Plant Assets, Natural Resources, and Intangible Assets.
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| Accelerated Depreciation Method | Depreciation method that produces higher depreciation expense in the early years than in the later years.
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| Additions and Improvements | Costs incurred to increase the operating efficiency productive capacity, or useful life of a plant asset.
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| Amortization | The allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational manner.
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| Asset Turnover Ratio | A measure of how efficiently a company uses its assets to generate sales; calculated as net sales divided by average total assets.
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| Capital Expenditures | Expenditures that increase the company's investment in productive facilities.
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| Copyright | Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work.
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| Declining-Balance Method | depreciation method that applies a constant rate to the declining book value of the asset and produces a decreasing annual depreciation expense over the useful life of the asset.
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| Depletion | The allocation of the cost of a natural resource to expense in a rational and systematic manner over the resources useful life.
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| Depreciation | The process of allocating to expense the cost of a plant asset over its useful life in a rational and systematic manner.
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| Depreciable Cost | The cost of a plant asset less it's salvage value.
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| Franchise License | A contractual arrangement under which the franchisor grants the franchisee the right to sell certain products, provide specific services, or use certain trademarks of trade names, usually within a designated geographical area.
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| Going-Concern Assumption | States that the company will continue in operation for the foreseeable future.
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| Goodwill | The value of all favorable attributes that relate to a business enterprise.
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| Intangible Assets | Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.
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| Licenses | Operating rights to use public property, granted to a business enterprise by a governmental agency.
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| Materiality Principle | If an item would not make a difference in decision making, a company does not have to follow GAAP in reporting it.
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| Natural Resources | Assets that consist of standing timber and underground deposits of oil, gas, or minerals.
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| Ordinary Repairs | Expenditures to maintain the operating efficiency and productive life of the unit.
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| Patent | An exclusive right issued by the U.S Patent Office that enables the recipient to manufacture, sell, or otherwise control an invention for a period of 20 years from the date of the grant.
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| Plant Assets | Tangible resources that are used in the operations of the business and are not intended for sale to customers.
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| Research and Development (R&D) Costs | Expenditures that may lead to patents, copyrights, new processes, or new products.
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| Revenue Expenditures | Expenditures that are immediately charged against revenues as an expense.
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| Salvage Value | An estimate of an asset's value at the end of its useful life.
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| Trademark (Trade Name) | A word, phrase, jingle, or symbol that identifies a particular enterprise or product.
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| Units-of-Activity Method | Depreciation method in which useful life is expressed in terms of the total units of production or use expected from an asset.
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| Useful Life | An estimate of the expected productive life, also called service life, of an asset.
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