Faq 9: Intro 1
5 Questions
| Total Attempts: 42
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
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