Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-What term is defined as "resources that a business owns to produce goods and services"?
A) revenue
B) liabilities
C) assets
D) equity

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-What term is defined as "resources that a business owns to produce goods and services"?
A) revenue
B) liabilities
C) assets
D) equity

Quizplus · Accepted Answer

Assets are defined as resources owned by a business that are used to produce goods and services.

Cost of the Asset$100,000