Non-Current Assets can be disposed by: Discarding, Selling for Cash and ___________ as part payment for a new asset.
Disposal of Non-Current Assets

Quiz
•
Professional Development
•
Professional Development
•
Hard

Hwee Kee Sheryl Tang
Used 5+ times
FREE Resource
5 questions
Show all answers
1.
FILL IN THE BLANK QUESTION
45 sec • 3 pts
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Net Book Value of an asset = Cost of Asset - ____________
[Please select TWO options]
Depreciation
Amortisation
Accumulated Depreciation
Accumulated Amortisation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A motorcycle with a NBV of $5,000 is sold for $7,000. Calculate the gain/loss on the disposal.
Gain, $2,000
Loss, $2,000
4.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Which one of the following BEST describes the journal entry to remove the sold motorcycle from Statement of Financial Position?
Dr: Motorcycle
Cr: Accumulated Depreciation
Dr: Accumulated Depreciation
Cr: Motorcycle
Dr: Cash
Cr: Motorcycle
Dr: Motorcycle
Cr: Cash
5.
FILL IN THE BLANK QUESTION
1 min • 3 pts
To record a gain on disposal, we will ___________ Gain on Disposable of Non-Current Asset Account.
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