Faq 9: Intro 1

5 Questions | Total Attempts: 42

SettingsSettingsSettings
Please wait...
Faq 9: Intro 1

FAQ quizzes are for practice/review only. They are not tracked nor graded.


Questions and Answers
  • 1. 
    Which examples of plant assets are intangible Assets?
    • A. 

      Truck

    • B. 

      Mine

    • C. 

      Equipment

    • D. 

      Patent

    • E. 

      Goodwill

    • F. 

      Lumber Field

  • 2. 
    The term Depletion applies to which category of plant asset?
    • A. 

      Tangible

    • B. 

      Real

    • C. 

      Intangible

    • D. 

      Natural Resources

  • 3. 
    The "life-cycle" of a plant asset includes the following accounting events: 1) purchase 2) "use" or depreciation 3) disposal
    • A. 

      True

    • B. 

      False

  • 4. 
    The basic (generic) journal entry for the purchase of a plant asset is: Dr. Depreciation Expense XX      Cr. Accumulated Depreciation (A/D) XX
    • A. 

      True

    • B. 

      False

  • 5. 
    The basic (generic) journal entry for the disposal of a plant asset is: Dr. Cash (received) XX Dr. A/D (disposed asset) XX Cr. Asset Account (disposed asset) XX Cr. Gain on Sale XX
    • A. 

      True

    • B. 

      False

Back to Top Back to top