Natural resources are assets that include standing timber, mineral deposits, and oil and gas fields.

a. FALSE b. TRUE

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When an asset is purchased (on disposed of) at a time other than the beginning or the end of an accounting period, depreciation is recorded for part of a year so that the year of purchase or the year of disposal is charged with its share ofthe asset's depreciation.

TRUE b.FALSE

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A company sold equipment that originally cost $ 100,000 for $ 60,000 cash.The accumulated depreciation on the equipment was $ 40,000.The company should recognize:

a.$ 40,000 loss.b.$ 0 gain or loss.$ 20,000 gain.d.$ 20,000 loss

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Abdul-Rahim Taysir