Which of the following most appropriately describes depreciation?
a. Decline in value of plant asset
b. Allocation of cost of plant asset
c. Physical deterioration of plant asset
d. Gradual obsolescence of plant asset
B
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Indicate whether the statement is true or false
Indicate whether each of the following statements is true or false. (Assume a perpetual inventory system.)________ a) Transportation-out cost is a part of selling and administrative costs.________ b) When transportation-out cost is incurred, the balance in the inventory account increases.________ c) When transportation-in cost is incurred, the balance in the inventory account increases.________ d) When the transportation-out cost is incurred, the balance in the cost of goods sold account increases.________ e. Transportation-in cost is a part of selling and administrative costs.
What will be an ideal response?
Identify which of the following statements is true.
A. The creation of a joint tenancy by one person will result in a gift equal to the other joint tenant's pro rata interest in the property. B. Since municipal bond interest is exempt from federal income taxation, gifting the bonds escapes the gift tax. C. The creation of a joint bank account constitutes a taxable gift. D. The naming of a life insurance policy beneficiary constitutes a gift for transfer tax purposes.
The "effects doctrine" requires U.S. courts to assume jurisdiction over cases when domestic commercial activities have a direct and foreseeable effect on international commerce
Indicate whether the statement is true or false