Quiz 35

Fixed Assets
Only the top 10% of users score 10/10
14 MCQs with the right answers
Helps with practice
Good luck!

Q1. Loss on sale of fixed asset is debited to _____.*

1 mark

profit and loss account

fixed asset

accumulated depreciation

depreciation fund

Q2. Fixed Assets are shown in _____.*

1 mark

trading account

balance sheet

footnotes

profit and loss account

Q3. Insurance premium paid to insure a fixed asset is included in its value.*

1 mark

True

False

Q4. _____ is usually a fixed asset.*

1 mark

Cash

Equipment

Inventory

Accounts Receivable

Q5. Calculate fixed assets, if machine = 40,000, furniture = 15,000 & long-term loan = 50,000.*

1 mark

105000

40000

45000

55000

Q6. Vehicle bought by the owner for personal use with business money is treated as fixed asset.*

1 mark

True

False

Q7. Fixed Assets cannot be liquidated easily.*

1 mark

True

False

Q8. _____ account is debited when depreciation is charged on fixed assets.*

1 mark

Depreciation

Non-cash Expense

Fixed Asset

None of these

Q9. What is another name for fixed assets?*

1 mark

Liquid Assets

Contingent Assets

Fictitious Assets

Long-Term Assets

Q10. Which of the following is not an example of fixed assets?*

1 mark

Furniture

Prepaid Expense

Land

Patent

Q11. Which of the following is an example of fixed asset?*

1 mark

Goodwill

Cash

Inventory

Accounts Receivable

Q12. When a fixed asset is purchased, it is _____ in the books of buyer.*

1 mark

not shown

debited

None of these

credited

Q13. Fixed Assets may be _____.*

1 mark

intangible

both

none of these

tangible

Q14. Fixed Assets have a life of more than _____ months.*

1 mark

9

12

6

1

Quiz 35 – Fixed Assets

Quiz 35

Connect & Improve AccountingOptional

Preparing Quiz Result..

Related Material

Useful Links

legal

More