Long term assets without any physical existence but, possessing a value are calledCurrent assets OFixed assets OInvestments OIntangible assets OAt the batance sheet date, the balance on the Accumutated Provision for Depreciation Account isSimply deducted from the asset inthe Balance SheetTransferred to DepreciationAccountTransferred to the Asset Account OTransferred to Profit and LossAccount

(d) intangible assets is the correct option. Intangible assets : intangible assets are those assets…

Long term assets without any physical existence but, possessing a value are called Current assets O Fixed assets Investments O Intangible assets At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is

Long term assets without any physical existence but, possessing a value are called Current assets O Fixed assets Investments O Intangible assets At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 7QY: Accumulated Depreciation, Equipment is reported a. on the income statement as an expense. b. on the...

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Question

Long term assets without any physical existence but, possessing a value are called
Current assets O
Fixed assets O
Investments O
Intangible assets O
At the batance sheet date, the balance on the Accumutated Provision for Depreciation Account is
Simply deducted from the asset in
the Balance Sheet
Transferred to Depreciation
Account
Transferred to the Asset Account O
Transferred to Profit and Loss
Account

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