
FA & VAT
Quiz
•
Social Studies
•
University
•
Practice Problem
•
Hard
Zhivka Valkova Zapryanova
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
This type of fixed asset is not subject to depreciation
buildings
office equipment
vehicle
land
2.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
How long are fixed assets typically expected to remain in service?
Less than one year
A few months
Several years
One accounting period
3.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
If our input VAT < output VAT, we will result with
VAT payable
VAT receivable
VAT balance
VAT deficit
4.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Which of the following is NOT a purpose of the fixed assets?
Production of goods
Generating immediate cash
Providing service to customers
Supporting company operations
5.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
According to the NIF C-6, there are ___ types of fixed assets
3
5
4
6
6.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Which is a primary characteristic of the fixed assets?
They are intended for immediate sale
They have a definite size and shape
They are short-term investments
They depreciate instantly
7.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
What is the primary purpose of the fixed assets according to NIF C-6?
To generate quick profits
To be sold to customers
To serve as temporary inventory
Used in day-to-day business operations
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