Answer the following statements true (T) or false (F)
1) Plant assets are long-lived, tangible assets used in the operation of a business.
2) The process of allocating the cost of a plant asset over its useful life is known as cost reduction.
3) The cost principle requires a business to record the assets acquired, or services received, at their actual cost.
4) The cost of a plant asset includes all amounts paid to ready the asset for its intended use.
5) A business that has a vacant building that is not currently being used would classify the building as a plant asset.
1) TRUE
2) FALSE
3) TRUE
4) TRUE
5) FALSE - A business that has a vacant building that is not currently being used in its operations would
classify the building as a long-term investment.
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An asset was purchased for $120,000 on January 1, Year 1 and originally estimated to have a useful life of 10years with a residual value of $10,000 . At the beginning of the third year, it was determined that the remaininguseful life of the asset was only 4 years with a residual value of $2,000 . Calculate the third-year depreciationexpense using the revised amounts and straight-line method
a. $24,000 b. $25,000 c. $11,000 d. $24,500
Sales reported on the income statement were $372,000 . The accounts receivable balance declined $4,500 over theyear. The amount of cash received from customers was $367,500
a. True b. False Indicate whether the statement is true or false
Please explain the paradox that change leaders must understand in order to balance patience and impatience.
What will be an ideal response?
What is a complex instruction set computer chip?
A. The actual hardware that interprets and executes the program (software) instructions and coordinates how all the other hardware devices work together. B. Interprets software instructions and literally tells the other hardware devices what to do, based on the software instructions. C. A type of CPU that can recognize as many as 100 or more instructions, enough to carry out most computations directly. D. Performs all arithmetic operations (for example, addition and subtraction) and all logic operations (such as sorting and comparing numbers).