Long term assets without any physical existence but, possessing a value are calledCurrent assets OFixed assets OInvestments OIntangible assets OAt the batance sheet date, the balance on the Accumutated Provision for Depreciation Account isSimply deducted from the asset inthe Balance SheetTransferred to DepreciationAccountTransferred to the Asset Account OTransferred to Profit and LossAccount

(d) intangible assets is the correct option. Intangible assets : intangible assets are those assets…

Long term assets without any physical existence but, possessing a value are called Current assets O Fixed assets Investments O Intangible assets At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is

Long term assets without any physical existence but, possessing a value are called Current assets O Fixed assets Investments O Intangible assets At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 13MC: Which of the following represents an event that is less routine when accounting for long-term...

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Question

Long term assets without any physical existence but, possessing a value are called
Current assets O
Fixed assets O
Investments O
Intangible assets O
At the batance sheet date, the balance on the Accumutated Provision for Depreciation Account is
Simply deducted from the asset in
the Balance Sheet
Transferred to Depreciation
Account
Transferred to the Asset Account O
Transferred to Profit and Loss
Account

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