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WorksheetsFixed assets
Total questions: 12
Worksheet time: 6mins
The only way a vehicle can be sold is by trading it in.
True
False
When a director decides to take an asset for personal use it will be regarded as drawings.
True
False
When an asset is bought the asset account will be credited.
True
False
When a company dispose of an asset it will decrease the total assets on the credit side.
True
False
When an asset is depreciated at a cost of 20%, the useful life of that asset is expected to be
3 years
5 years
7 years
10 years
When the carrying value of an asset is R50 000 and the cost price R200 000, the accumulated depreciation will be?
R250 000
R150 000
R50 000
R200 000
When you add the book value of an asset to the accumulated depreciation what amount will you get?
Market value
Selling price
Cost price
The rate of depreciation
What will the double entry be in connection with the old vehicle when an old vehicle is traded in?
Debit Vehicles and Credit Asset disposal
Debit Vehicles and Credit Bank
Debit Creditors control and Credit Asset disposal
Debit Bank and Credit Vehicles
How many movements can we find in the fixed asset note?
1
2
3
4
Depreciation will be regarded as an asset or expense?
Asset
Expense
To which account will Asset disposal close of to?
Profit on sale of asset
Income statement
Depreciation
What will happen to the vehicles and equipment accounts when it is sold?
Decrease the cost
Increase the cost
Vehicles will be debited
Asset disposal will be credited
