ladyblaque1979
Aug 7, 2009, 09:02 AM
This is another question that I want clarification on. I hope I answered this one correctly as well:
6. Which of the following statements about property, plant, and equipment and depreciation is true?
a.Plant, property, and equipment assets are sold to customers in the normal course of business.
b.Accounting requires that the cost of a depreciable asset be recorded as an expense over times benefited by that asset.
c.Accumulated depreciation is the total amount of depreciation that has been recorded on a depreciable asset in the current period.
d.Accounting and general usages of the term depreciation are the same.
e.Land is a depreciable asset.
I picked e. as being the completely true answer, because Land is considered a depreciable asset. It would be placed under the Land account on the balance sheet
6. Which of the following statements about property, plant, and equipment and depreciation is true?
a.Plant, property, and equipment assets are sold to customers in the normal course of business.
b.Accounting requires that the cost of a depreciable asset be recorded as an expense over times benefited by that asset.
c.Accumulated depreciation is the total amount of depreciation that has been recorded on a depreciable asset in the current period.
d.Accounting and general usages of the term depreciation are the same.
e.Land is a depreciable asset.
I picked e. as being the completely true answer, because Land is considered a depreciable asset. It would be placed under the Land account on the balance sheet