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University of Ottawa
Breid Mc Ilkenny

Definitions Chapter 9 Amortizable Amount: The cost of a finite-life intangible asset minus its residual value Amortization: The systematic allocation of amortizable asset over its useful life Asset retirement costs: The amount added to the cost of an asset that relates to its retirement Asset Turnover: Measure of how efficiently a company uses its total assets to generate sales CCA: Method of depreciation used for income taxes (it is optional) Capital Expenditures: expenditures that benefit future economic periods Copyright: An exclusive right granted by federal government allowing reproduction and selling published/artistic work Cost Model: A model that carries an asset at its cost minus impairment and depreciation Depreciable Amount: Cost of an asset minus its residual value Development costs: Assets arising from the application of research for a new or improved product Diminishing-Balance method: Applies a constant rate to carrying amount of an asset Finance lease: A long term agreement recorded as a purchase allowing lessee to use asset of lessor Franchise: A contractual arrangement under which franchisee is able to sell certain goods and services Gain on Disposal: Excess of the proceeds received from the sale over an asset’s carrying amount Goodwill: The amount paid ti acquire another company that exceeds fair value of net identifiable assets Impairment loss: Amount by which carrying amount exceeds recoverable amount Investment properties: Land and buildings that are not occupied and held for purpose of earning income or capital appreciation Lessee: A party that has made contractual arrangements to pay for the use of another party’s asset Lessor: Agrees to lend asset Licenses: Operating rights to use property granted by government to a company Loss on disposal: Excess of carrying amount of an asset not normally held for resale over proceeds Operating expenditures: Expenditures that benefit only current period Operating lease: A short term arrangement allowing one person to use asset of another party Patent: An exclusive right issued by the federal government that enables the recipient to manufacture, sell or otherwise control an invention for 20 years Recoverable amount: The higher of the asset’s fair value less costs to sell and its value in use compared with carrying amount Research Expenses: Expenditures on an original planned investigation done to gain new knowledge , these costs are expensed because criteria for recording them have not been met Residual value: An estimate of the amount that a company would expect to re
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