Accounting 210 Chapter 9 Quiz

Which is not an example of a Natural Resource?

• Natural Gas

• Diamonds

• Oil

• Automobile

Accumulated Depletion is a contra-asset account?

• True

• False

Natural Resources are accounted for in what expense account?

• Liabilities

• Revenues

• Depletion Expense

• Receivables

Which is an example of an Intangible Asset?

• Office Supplies

• Equipment

• Trademarks

• Land

Amortization is the process by which businesses spread an intangible asset cost over its useful life?

• True

• False

The Life Cycle of a Plant Asset is:

1. 1. Acquisition of Asset

2. 2. Usage of Asset

3. 3. Disposal of Asset

• True

• False