1- Assets that cannot be seen, touched , or held are called: A. Intangible assets B. Natural resources C. Tangible assets D. Plant assets 2- Which of the following would NOT be considered part of the cost of machinery and equipment ? A. In- transit insurance costs B. Delivery charges C. Installation costs D. Repairs and maintenance after start up 3. After an asset is fully depreciated, the asset : A. Remains on the balance sheet at value of $50 B. Must be removed from the balance sheet C. Remains on the balance sheet at cost D. Remains on the balance sheet at (cost- accumulated depreciation ) 4. If an asset generates revenue evenly over time, the depreciation method best suited for this asset would be the : A. Expense method B. straight line method C. Units of production method D. double declining balance method 5. The total cost allocated to each item in a basket purchase is based upon: A. Their individual market values B. The original cost of items C. Their individual selling price D. Their relative market values