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ACCT 220 Quiz 3
1. A company buys a new parcel of land. Which of the following items is properly debited to the land account?

paving a road to access the land

demolishing an existing structure

the fees on a mortgage loan on the land

planting of trees and shrubs
2. What type of asset is subject to depletion?

natural resources

an intangible asset

a computer

a literary work
3. Which is NOT an intangible asset?

a patent on a new invention

an estimated amount of coal in a piece of owned land that has not yet been mined

a copyright on a musical work

a contract granting the company a right-of-way