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

72. What from the following is/are NOT tangible asset(s)?

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

73. A machine price was $1,000 and was carried through a truck. The truck’s fares were $500. The engineers charged $500 for the installation. The cost of the machine is?

(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

80. The concept that the enterprise will continue in a foreseeable future is known as

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

NOTE
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
THANK YOU

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