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Principles of Accounting Volume 1

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7Q: Describe the relationship between expense recognition and long-term assets.

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Note: Option A is incorrect. Need correct option

Please help with this Accounting type Question:
The total charge of depreciation and maintenance of assets on the profit and loss account will be uniform under:
A. Straight line method
B. Diminishing balance method
C. Annuity method
D. Depreciation Fund method

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For assets acquired on credit or by installment, the cost or fair value is equal to: A. cash purchase priceB. invoice priceC. installment priceD. list price
General Accounting
Which of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.
Explain the investment Adjustments for Other Assets and Liabilities.
Which method measures depreciation directly? Oa. Sales comparison Ob. Cash equivalency O c. Age-life Od. Capitalized value
Explain how depreciation expense satisfies the definition of an expense
Which one of the following disclousures is required by generally accepted accounting principle? a. Depreciation expense for each major class of asset b. Balances of major classes of depreciable assets, by nature or function c. Accumulated depreciation on each depreciable asset d. An explanation of why the depreciation method used was selected by management
d. Record the entry for reclassifying the net assets.
Explain the accounting for gain and loss contingencies.

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