What category do depreciable property and realty used in a trade/business, owned for more than one year, fall under?Option     Section 1231 Assets     Ordinary Assets     Capital Assets     Intangible Assets

Which of the following assets is not required to be depreciated/amortised?LandMachineryTrademarksMotor vehicles

Long term assets without any physical existence but, possessing a value are calledA) Intangible assetsB) Fixed assetsC) Current assetsD) Investments

In calculating depreciation, the life of an asset refers to its:physical life.legal life.useful life.technological life.

Depreciation, a type of expense, is included in the ________ category.Multiple Choiceinterestsellinggeneral and administrativeresearch and developmentretained

Which asset is not a depreciable asset?Group of answer choicesEquipmentLand ImprovementsLandBuildings