Identify the Following as a Fixed Asset (FA), Intangible Asset

question 1

Essay

Identify the following as a Fixed Asset (FA), Intangible Asset (IA), Natural Resource (NR), or None of these (N).
(a)Computer
(b)Patent
(c)Oil reserve
(d)Goodwill
(e)U.S.Treasury note
(f)Land used for employee parking
(g)Gold mine

Recognize and apply the concept of mutual agency and unlimited liability in a partnership.

Understand the implications of a partnership agreement and how it governs the operations and relations among partners.

Grasp the mechanisms of profit and loss distribution in a partnership based on the income ratio.

Understand the procedures for the admission of a new partner into an existing partnership and the financial implications thereof.

---

Definitions:

Warranty Expense

The cost incurred by a company to repair, replace, or refund products sold during the warranty period.

Selling Price

The amount for which a product or service is sold to buyers, determining the revenue generated from sales activities.

Unearned Ticket Revenue

Revenue received from tickets sold for future events, recognized as a liability until the service is performed or event takes place.

Sales Revenue

The total amount of money generated from the sale of goods or services before any costs or expenses are deducted.