Question

In: Finance

Which of the following statements concerning depreciation is true?                         a.       &nbs

Which of the following statements concerning depreciation is true?

                        a.         Depreciation expense accounts for the loss of value of inventory.

                        b.         There is no relationship between depreciation expense on the income statement and accumulated depreciation on the balance sheet.

                        c.         Net property and equipment is equal to gross property and equipment minus accumulated depreciation.

                        d.         Accumulated depreciation appears on the balance sheet under the category “Other Assets.”

                        e.         For accounting purposes, depreciation is calculated by the triple declining balance method.

Solutions

Expert Solution


Related Solutions

Which of the following statements concerning depreciation is false?
Which of the following statements concerning depreciation is false?                        a.         Depreciation expense occurs because the cost of long-term assets such as buildings and equipment must be matched to the revenues produced by those assets.                        b.         Depreciation expense on the income statement “flows through” to the accumulated depreciation account on (or in the notes section of) the balance sheet.                        c.         The net property and equipment account on the balance sheet is equal to gross fixed assets plus accumulated depreciation.                        d.         Depreciation...
Which one of the following statements concerning depreciation is CORRECT? a. Depreciation increases net income b....
Which one of the following statements concerning depreciation is CORRECT? a. Depreciation increases net income b. Depreciation increases net fixed assets c. Depreciation lowers taxes for a profitable firm d. Depreciation has no effect on net income e. Depreciation decreases net working capital
Decide which of the following statements are true and which are false, concerning the kinetic molecular...
Decide which of the following statements are true and which are false, concerning the kinetic molecular theory. 1. The particles are assumed to exert no forces on each other; they are assumed neither to attract nor to repel each other. 2. The molecules in a real gas have finite volumes and do exert forces on each other, thus real gases do not conform to some of the assumptions of an ideal gas as stated by the kinetic molecular theory. 3....
Which of the following statements is TRUE concerning the CMA? I. To earn the CMA, an...
Which of the following statements is TRUE concerning the CMA? I. To earn the CMA, an examination must be passed. II. Experience in the accounting field is not necessary to earn the CMA. III. Compliance with the Institute of Management Accountants' Statement of Ethical Professional Practice is not necessary to earn the CMA. Select one: a. II only b. I only c. Both II and III above. d. III only
Which of the following statements are TRUE concerning this laboratory exercise - The systematic identification of...
Which of the following statements are TRUE concerning this laboratory exercise - The systematic identification of an organic compound ? True or False: Your compound , when you analyze it , may be impure , ie. a component of a mixture. Statement 4 variation 2 True or False: In a "real world" situation, the compound could be one of several million possible known organic compounds. True or False: Spectroscopic methods may be helpful in confirming the identity of your unknown....
Which one of the following statements concerning the statement of work are true? Select all that...
Which one of the following statements concerning the statement of work are true? Select all that apply in: A. It identifies tasks to be performed and the outer limits of the contractor's effort. B. it may be written by the givernment, the contractor, or both. C. it lists the FAR clauses applicable to the contract. D. its use is commonly referred to as performance-based contracting.
Which of the following statements are true concerning electromagnetic induction? Check all that apply?  A. It is...
Which of the following statements are true concerning electromagnetic induction? Check all that apply?  A. It is possible to induce a current in a closed loop of wire located in a uniform magnetic field by either increasing or decreasing the area enclosed by the loop.  B. It is possible to induce a current in a closed loop of wire by change the orientation of a magnetic field enclosed by the wire.  C. It is possible to induce a current in a closed loop...
Which of the following statements is true concerning the electron configuration [Ar]4p2? A. This configuration is...
Which of the following statements is true concerning the electron configuration [Ar]4p2? A. This configuration is the ground-state electron configuration for a Ca atom. B. This configuration cannot be the ground-state electron configuration for a Ca atom because it violates Hund's rule. C. This configuration cannot be the ground-state electron configuration for a Ca atom because it violates the Aufbau principle. D. This configuration cannot be the ground-state electron configuration for a Ca atom because it violates the Pauli exclusion...
Which of the following statements concerning mergers and acquisitions is true? I. Mergers of firms of...
Which of the following statements concerning mergers and acquisitions is true? I. Mergers of firms of equal size usually have better outcomes than mergers of firms of different sizes II. Acquisitions of small private firms usually result in better outcomes than acquisitions of public firms III. Growth-based mergers are usually less successful than cost-based mergers Select one: a. I only b. I and II only c. I and III only d. II and III only e. I, II, and III
which of the following statements is/are true concerning non competitive (allosteric) inhibition a. binding of the...
which of the following statements is/are true concerning non competitive (allosteric) inhibition a. binding of the inhibitor to the regulatory (allosteric) site reduces the activity of the enzyme b. binding if the substrate to the active (substrate) site prevents binding of the inhibitor to the allosteric site c. it often occurs when the product(s) of a biochemical pathway accumulate d. all of the above e. A and C
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT