An example of a non-depreciable asset or property that can be used to earn business is ____________.   Question 5 options:   a)  Building   b)  Equipment   c)  Patent   d)  Furniture

Which of the following is an example of an intangible asset? a) Landb) Buildingc) Patentd) Equipment need help

Discussion

A3

Which of the following statements correctly describes accounting for investment properties?   Question 5 options:   a)  ASPE contains specific guidance for accounting for investment properties, whereas IFRS does not.   b)  It is possible for only a portion of a property to be considered an investment property.   c)  A building that is solely occupied by the owner is an investment property.   d)  The cost of an investment property includes the day-to-day costs of operating the property.

TRUE OR FALSE?An item of property plant and equipment can be asset held for sale.

B1

What is the effective life of an asset?   a. The total period of ownership of the asset, including when it is not installed and ready for use..   b. The period prior to the asset being abandoned or scrapped.   c. The period that the asset can be used for income-producing purposes.   d. All of the above.

Which of the following is not a characteristics of an asset that us classified as property, plant and equipment? a. It has physical aubstance B. It is long term in nature C. It is acquired for use in business operations. D. It is acquired for resale. 2. Which of the following is excluded from " Property,plant and equipment? A. Major spare parts and long live stand by equipment.B. Building used in businessC. Equipment held for rentalsD. Held for sale assets 3. The initial cost of an item of property, plant, and equipment includes. A. Purchase cost B. Direct cost C. Decomissioning and restoration costD. All of these. 4.Which of the following is not capitalized as cost of land? A. Land improvements that have indifinite useful life B. Unpaid taxes on the property prior to the acquisition date not assumed by the entityC. Closing costs, such as titling and similar cost D Special assessment 5. Knife Co. Acquires a building by paying 6m and assuming a 2M unpaid mortgage on the building. How…

Accounting When you dispose of a property and end up with a gain or a loss, it may be treated in one of 2 ways. What are they? When you dispose of personal-use property, you usually do not have a capital gain. Why not? To calculate any capital gain or loss, you need to know the following 3 amounts: the proceeds of disposition the adjusted cost base (ACB) the outlays and expenses incurred to sell your property Using these three amounts, what is the formula to calculate your capital gain or loss? 4. Capital Gains are reported on Schedule 3. What line does the sale of Personal Use Property go on?