Friday, 7 February 2020

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11. The accounting process of allocation cost of intangible assets is called
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value
12. The process of recording consumption of natural resources (or wasting assets) is called
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value
13. The concept that the enterprise will continue in a foreseeable future is known as
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value
14. What from the following is NOT a capital expense?
(A) Purchase of property
(B) Purchase of office equipment
(C) Replacement of a vehicle,
(D) Repair of a vehicle
15. An item of equipment cost $300,000 and has a residual value of $50,000 at the end of its expected useful life of four years. What is the depreciable amount?
(A) $50,000
(B) $250,000
(C) $300,000
(D) $350,000
ANSWERS: ACCOUNTING QUIZZES
11. (A)
12. (B)
13. (C)
14. (D)
15. (B)

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