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 refers to assets that are permanent and are to be used over an extended period of years?
A) intangible assets
B) non-current assets
C) intellectual capital
D) current assets

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 refers to assets that are permanent and are to be used over an extended period of years?
A) intangible assets
B) non-current assets
C) intellectual capital
D) current assets

Quizplus · Accepted Answer

Non-current assets are assets that are intended for use over a long period of time, typically more than one year, which includes assets like property, plant, and equipment. This term best fits the description of assets that are permanent and used over an extended period of years.

Cost of the Asset$100,000