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Resources owned by a business that enable it to produce the goods or services that are sold to customers.
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To record a cost as an asset, rather than an expense.
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Expenditures for routine operating upkeep of long-lived assets that are recorded as expenses.
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Expenditures that increase a tangible asset’s economic usefulness in the future and are recorded as increases in asset accounts, not as expenses.
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The allocation of the cost of long-lived tangible assets over their productive lives using a systematic and rational method.
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The acquisition cost of an asset less accumulated amortization.
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The estimated amount to be recovered at the end of the company’s estimated useful life of an asset.
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The expected service life of an asset to the present owner.
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The portion of the asset’s cost that will be used in generating revenue; calculated as asset cost minus residual value.
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For tangible and intangible assets, the systematic and rational allocation of the cost of the asset in equal periodic amounts over its useful life.
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Allocates the cost of an asset over its useful life based on the relationship of its periodic output to its total estimated output.
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Assigns more amortization to early years of an asset’s life and less amortization to later years.
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The amortization process required by the Canada Revenue Agency for calculating taxable income and income taxes.
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Occurs when the cash to be generated by an asset is estimated to be less than the carrying value of that asset.
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A special name, image, or slogan identified with a product or company.
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A form of protection provided to the original authors of literary, musical, artistic, dramatic, and other works of authorship.
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A right to exclude others from making, using, selling, or importing an invention.
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The limited permission to use property according to specific terms and conditions set out in a contract.
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A contractual right to sell certain products or services, use certain trademarks, or perform activities in a certain geographical region.
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The premium a company pays to obtain the favourable reputation associated with another company.
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Expenditures that may someday lead to patents, copyrights, or other intangible assets; the uncertainty about their future benefits requires that they be expensed.
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The shorthand term used to refer to assets minus liabilities.
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An abbreviation for “earnings before interest, taxes, depreciation, and amortization,” which is a measure of operating performance that some managers and analysts use in place of net income.
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The process of allocating a natural resource’s cost over the period of its extraction or harvesting.
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