18. Which of the following statements is TRUE?A)Land does not depreciate; natural resources are depreciated.B)Land does not depreciate; buildings depreciate, and natural resourcesare amortized.C)Land does not depreciate; natural resources are depleted andintangibles are amortized.D)Land does not depreciate; buildings and natural resources depreciate.19 .All amounts paid to acquire a PPE and to get it ready for its intendeduse are referred to as:A. set up costs.B. expenditures.C)maintenance expense.D)the cost of an asset.20. Costs that would be included with the purchase of a PPE are:A)the sum of all of the costs incurred to bring the asset to its intendeduse.B)only costs that exceed a certain amount.C)only the purchase price.D)none of the above.21. Which of the following should be included in the cost of land?A)Construction cost of a parking lotB)LandscapingC) Real estate brokerage commissionD) Lighting

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18. Which of the following statements is TRUE? A)Land does not depreciate; natural resources are depreciated. B)Land does not depreciate; buildings depreciate, and natural resources are amortized. C)Land does not depreciate; natural resources are depleted and intangibles are amortized. D)Land does not depreciate; buildings and natural resources depreciate.

18. Which of the following statements is TRUE? A)Land does not depreciate; natural resources are depreciated. B)Land does not depreciate; buildings depreciate, and natural resources are amortized. C)Land does not depreciate; natural resources are depleted and intangibles are amortized. D)Land does not depreciate; buildings and natural resources depreciate.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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