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%
-Which of the following are assets?
A) goodwill, land, common shares
B) cash, depreciation, land
C) prepaid expenses, accrued expenses, gross capital assets
D) cash, buildings, intangible 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%
-Which of the following are assets?
A) goodwill, land, common shares
B) cash, depreciation, land
C) prepaid expenses, accrued expenses, gross capital assets
D) cash, buildings, intangible assets

Quizplus · Accepted Answer

Assets are resources owned by a company that have economic value. Cash, buildings, and intangible assets are all considered assets.

Cost of the Asset$100,000