QUESTION: 149

Non-current assets can be divided between intangible and tangible assets.

Which THREE of the following are intangible assets?

Research and development
Buildings
Plant
Goodwill
Patent
Land

Answer(s): A,D,E

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QUESTION: 150

The suspense account of a company was opened with a credit balance of $360 when the trial balance failed to agree.

This could have arisen because

an electricity bill of $840 was entered in the electricity account as $480.
an electricity bill of $480 was entered in the electricity account as $840.
an electricity bill of $360 was duplicated.
an electricity bill of $180 was duplicated.

Answer(s): B

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Refer to the Exhibit.

Your organization bought a machine for $50,000 at the beginning of year 1, which had an expected useful life of four years and an expected residual value of $10,000; the machine was depreciated on the straight-line basis.

At the beginning of year 4, the machine was sold for $13,000

The total amount of depreciation charged to the income statement over the life of the machine, and the amount of profit or loss on disposal was:

The answer is: