Match the statement with the term most directly associated with it.(a) Goodwill(b) Intangible assets(c) Research and development costs(d) Franchise(e) Amortization1. _____ Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.2. _ The allocation of the cost of an intangible asset to expense in a rational and systematic manner.3. _ A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.4. _ Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.5. _____ The excess of the cost of a company over the fair market value of the net assetsacquired.Match intangibles classifications concepts

1. Intangible assets: Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.

2. Amortization: The allocation of the cost of an intangible asset to expense in a rational and systematic manner.

3. Franchise: A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.

4. Research and development costs: Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.

5. Goodwill: The excess of the cost of a company over the fair market value of the net assets acquired