Fixed Asset quiz

Quiz
•
Other
•
12th Grade
•
Hard
Gift Senyolo
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
1. Which of the following is not considered a Fixed Asset?
Machinery
Land
Building
Inventory
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
2.What is the primary purpose of Depreciation?
To allocate the cost of an asset over its useful life
To increase the value of an asset
To determine the market value of an asset
To record cash flow from an asset
3.
FILL IN THE BLANK QUESTION
45 sec • 1 pt
3. If a company sells a fixed asset for more than its book value, what is the result
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
How does Technological advancement affects the useful life of an asset?
It has no effect on the useful life
It shortens the useful life
It extends the useful life
It doubles the useful life
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What happens to the book value of an asset at the end of its useful life?
It becomes zero
It equals the original cost
It remains unchanged
It equals the scrape value
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the primary reason for calculating the age of an asset?
To determine its depreciation schedule
To assess its historical significance
To calculate its market value
To estimate its replacement cost
7.
MULTIPLE SELECT QUESTION
45 sec • 3 pts
Which of the following factors can influence the useful life of an asset?
Maintenance practices
Initial purchase price
Environmental conditions
Rising inflation rates
Technological advancements
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