71. What from the following is NOT a non-current asset?
(A) Capital
(B) Property
(C) Patent rights
(D) Inventory

I. Patent rights
II. Goodwill
III. Land
(A) I only
(B) II only
(C) I and II only
(D) I, II and III

(A) $1,000
(B) $1,500
(C) $2,000
(D) $2,500

74. Depreciable amount =
(A) Cost of an asset + Residual value
(B) Cost of an asset – Residual value
(C) Residual value – Cost of an asset
(D) None of these

75. Which of the following is not a business transaction?
(A) Purchasing office supplies
(B) Hiring a new employee
(C) Paying interest on a business loan
(D) Receiving fees for services

76. A company is owned by its
(A) directors
(B) employees
(C) shareholders
(D) managers

77. The goods which are purchased for the purpose of resale are known as
(A) inventory
(B) merchandise
(C) purchases
(D) traded goods

78. The accounting process of allocation cost of intangible assets is called
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value

79. The process of recording consumption of natural resources (or wasting assets) is called
(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value

(A) Amortization
(B) Depletion
(C) Going Concern
(D) Residual Value