Asset Acquisition & Disposal
Large dollar items like Land, Building, Equipment and Vehicles can not be expensed in one year, but must be amortized (depreciated) over the life of the asset. This section deals with the purchase (acquisition) and sale (disposal) of such assets.
This level includes:
- Acquisition of Used Assets and their Book Value
- Acquisition of New Assets including Trade In
- Disposal of Capital Assets and Recapture of Accumulated Amortization
The exercises are the same, but with different amounts.
The quiz is designed to test your knowledge. If you are having trouble with the exercises, practise the quiz to boost your understanding.