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 do non-current assets include?
A) land, buildings, and trade receivables
B) goodwill, trademarks, and amortization
C) buildings, equipment, and machinery
D) inventories, equipment, and income taxes receivable

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 do non-current assets include?
A) land, buildings, and trade receivables
B) goodwill, trademarks, and amortization
C) buildings, equipment, and machinery
D) inventories, equipment, and income taxes receivable

Quizplus · Accepted Answer

Non-current assets include long-term investments or assets that are not expected to be converted into cash within a year. This includes buildings, equipment, and machinery, as they are used over a long period and are not intended for resale in the normal course of business.

Cost of the Asset$100,000