Disposal of Non-Current Assets

Disposal of Non-Current Assets

Professional Development

5 Qs

quiz-placeholder

Similar activities

IAS 12 INCOME TAX

IAS 12 INCOME TAX

Professional Development

10 Qs

DEAL Session 1 - QUIZ

DEAL Session 1 - QUIZ

Professional Development

10 Qs

FAPS Lesson 2 - Plenary

FAPS Lesson 2 - Plenary

Professional Development

7 Qs

FINAC 2022

FINAC 2022

Professional Development

8 Qs

Final Accounts Quiz

Final Accounts Quiz

Professional Development

10 Qs

FRA 1.7 2810

FRA 1.7 2810

University - Professional Development

10 Qs

PPE and Intangible Assets I

PPE and Intangible Assets I

Professional Development

5 Qs

FAPS Lesson 3 - Starter

FAPS Lesson 3 - Starter

Professional Development

10 Qs

Disposal of Non-Current Assets

Disposal of Non-Current Assets

Assessment

Quiz

Professional Development

Professional Development

Hard

Created by

Hwee Kee Sheryl Tang

Used 5+ times

FREE Resource

5 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

45 sec • 3 pts

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

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.