When a company discards machinery that is fully depreciated, this transaction would be recorded with the followingentry
a. debit Accumulated Depreciation; credit Machinery
b. debit Machinery; credit Accumulated Depreciation
c. debit Depreciation Expense; credit Accumulated Depreciation
d. debit Cash; credit Accumulated Depreciation
a
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Which of the following generations is the most educated to date?
A) Lost Generation B) Baby boomers C) Millennials D) Generation X E) Silent Generation
Firms initially record property, plant, and equipment, sometimes referred to as fixed assets, at acquisition cost, the cash paid or the fair value of other consideration given in exchange for the asset. Which of the following is not true?
a. Acquisition cost includes all costs necessary to prepare the asset for its intended use. b. Firms capitalize into the asset's carrying amount subsequent expenditures that extend the service life or increase the benefits of a fixed asset beyond those initially anticipated. c. Buildings and equipment have a finite life, so firms must depreciate their acquisition cost less estimated salvage over the expected service life. d. Firms may use a straight-line method or accelerated depreciation methods. e. If new information becomes available that indicates that the expected service life or estimated salvage value differs significantly from that initially anticipated, the firm revises its depreciation claimed in prior years and restates the financial statements.
A person who enters a hotel simply to have dinner in its restaurant is considered to be a(n) ____________________
Fill in the blank(s) with correct word
SEC Rule 10b-5 (securities fraud) applies only to registered securities
a. True b. False Indicate whether the statement is true or false