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Quiz
1
Beginner
Which of the following is not a characteristic of an asset?
Needs to be owned by an entity
Expected to provide future economic benefits to an entity
Transaction or event leading to the creation of the asset must have occurred already
Don’t know
2
Beginner
Which of the following is not a characteristic of a non-current asset?
It is intended for resale to customers
The asset must have an economic life of more than one year
It is expected to provide future economic benefits to an entity
Don’t know
3
Beginner
Which of the following is not a method of depreciation?
Straight Line
Declining Balance
Value in Use
Don’t know
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