Depreciation of Property Quiz

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Questions and Answers

Which of the following types of property can be depreciated?

  • Land
  • Personal use property
  • Inventory
  • Equipment (correct)

Why is land not depreciable?

  • It is a wasting asset. (correct)
  • It is expected to be used up or depleted.
  • It is a current asset.
  • It is not considered a physical form of property.

Which of the following is an example of intangible property that can be depreciated?

  • Land
  • Trademarks (correct)
  • Buildings
  • Inventory

Why is personal use property not depreciable?

<p>It is not used in a trade or business. (A)</p> Signup and view all the answers

Which of the following is an example of tangible property that cannot be depreciated?

<p>Land (C)</p> Signup and view all the answers

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