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100
A process of systematically allocating the cost of an intangible asset to expense over its estimated useful life.
What is Amortization
100
Tangible assets used in the operations of a company that have a useful life of more than one accounting period; often abbreviated as PPE; sometimes referred to as fixed assets.
What is Capital assets
100
A right granted by the federal government or by international agreement giving the owner the exclusive privilege to publish and sell musical, literary, dramatic, or artistic work during the life of the creator plus 50 years.
What is Copyright
100
Tangible assets used in the operations of a company that have a useful life of more than one accounting period; often abbreviated as PPE.
What is Fixed assets
100
The amount by which the value of a company exceeds the fair market value of the company's net assets if purchased separately; goodwill is not an intangible asset; goodwill is not amortized or depreciated but is instead subject to an annual impairment test.
What is Goodwill
200
The original cost of plant and equipment (or intangible asset) less its accumulated depreciation (or amortization).
What is Book value
200
Costs of PPE that provide material benefits extending beyond the current period. They are debited to PPE asset accounts and reported on the balance sheet.
What is Capital expenditures
200
The process of matching (or allocating) the depreciable cost of a tangible asset in a rational and systematic manner over the asset's estimated useful life.
What is Depreciation
200
A method of calculating depreciation for partial periods. Six months' depreciation is taken for the partial period regardless of when the asset was acquired or disposed of. Also known as the half-year rule.
What is Half-year convention
200
A condition in which the capacity of the company's PPE is too small to meet the company's productive demands.
What is Inadequacy
300
A depreciation method in which depreciation is determined at twice the straight-line rate.
What is Double-declining-balance depreciation
300
Results when the book value (or carrying value) of PPE or an intangible asset is greater than its recoverable amount because of the annual impairment test.
What is Impairment loss
300
Rights, privileges, and competitive advantages to the owner of identifiable assets used in operations that have a useful life of more than one accounting period but have no physical substance; examples include patents, copyrights, drilling rights, leaseholds, franchises, and trademarks. Goodwill is not an intangible asset.
What is Intangible assets
300
An exclusive right granted to its owner by the federal government to manufacture and sell a machine or device, or to use a process, for 20 years.
What is Patent
300
Management's estimate of the amount that will be recovered at the end of a PPE item's useful life through a sale or as a trade-in allowance on the purchase of a new asset
What is Residual value
400
A symbol, name, phrase, or jingle identified with a company, product, or service.
What is Trademark
400
GST-exempt services are educational, health care, and financial services.
What is Exempt supplies
400
A potential liability that depends on a future event arising out of a past transaction.
What is Contingent liability
400
A current obligation in the form of a written promissory note.
What is Current note payable
400
An obligation of an uncertain amount that can be reasonably estimated; also known as a provision.
What is Estimated liability
500
A combined GST and PST rate applied to taxable supplies.
What is Harmonized Sales Tax (HST)
500
GST paid by the registrant on purchases of taxable supplies. Input tax credits are applied against (reduce) GST Payable. Also known as GST Receivable.
What is Input Tax Credit (ITC)
500
The federal government authority to which GST Payable is remitted.
What is Receiver General for Canada
500
Amounts received in advance from customers for future products or services. Also called collections in advance, deferred revenues, or customer deposits
What is Unearned revenues
500
An agreement that obligates the seller or manufacturer to repair or replace a product when it breaks or otherwise fails to perform properly within a specified period.
What is Warranty