Final answer:
The magnitude of the acceleration of the object is equal to the acceleration due to gravity (9.8 m/s^2) and its direction is downward, towards the Earth's surface.
Step-by-step explanation:
The given condition is that the net force (Fnet) equals the force of gravity (Fg) acting on the object. On Earth's surface, the force of gravity can be represented as the weight of the object, which is given by the equation Fg = mg, where m is the mass of the object and g is the acceleration due to gravity (approximately 9.8 m/s2). Since Fnet and Fg are equal, we can equate the equations: ma = mg. Canceling out the mass (m) from both sides of the equation, we are left with a = g. Therefore, the magnitude of the acceleration of the object is equal to the acceleration due to gravity (9.8 m/s2) and its direction is downward, towards the Earth's surface.