Understanding Non-Current Assets
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The following are all Tangible Assets
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The following are all Intangible Assets
1 point
Long-Lived Assets can be sold to increase sales revenue
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A truck purchased on credit will be used in the delivery of shipments. Which accounts would you Dr. and Cr.
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Repairs are required to the truck after one year. What would you Dr. and Cr.
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Depreciation on the Truck is calculated using the Double Declining Balance Method. Original Asset value is $60K, The Life of the Asset is 10 years. Residual Value is $5,000. What is the amount of the depreciation expense you would record in the second year?
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What is your Journal Entry to record the depreciation expense?
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Accumulated Depreciation is a Contra Sales Account
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At the end of year 3 the truck has a Net Book Value of $30,720, and is sold for $30,000 Cash. What is your journal entry?
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When an event or changed circumstance causes the estimated future cash flow from a long-lived asset to fall below its book value. This requires a journal entry and is called:
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The premium a company pays to obtain the favourable reputation associated with another company is called:
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Which company has a better Fixed Asset Turnover Ratio?
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