Sheldon Crop wishes to use different depreciation methods for the major classes of property, plant, and equipment. What should the company do? a.The company should choose the most generally advantageous method and use that one for all classes of property, plant and equipment. b.The company should not separate plant, property and equipment into classes and therefore they should use the same depreciation method for all assets. c.The company should add notes to explain which methods are used for which classes and clearly disclose the amounts in the financial statements. d.The company should make separate financial statements for each class of property, plant and equipment in order to use different methods of depreciation.
Sheldon Crop wishes to use different depreciation methods for the major classes of property, plant, and equipment. What should the company do? a.The company should choose the most generally advantageous method and use that one for all classes of property, plant and equipment. b.The company should not separate plant, property and equipment into classes and therefore they should use the same depreciation method for all assets. c.The company should add notes to explain which methods are used for which classes and clearly disclose the amounts in the financial statements. d.The company should make separate financial statements for each class of property, plant and equipment in order to use different methods of depreciation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sheldon Crop wishes to use different
a.The company should choose the most generally advantageous method and use that one for all classes of property, plant and equipment.
b.The company should not separate plant, property and equipment into classes and therefore they should use the same depreciation method for all assets.
c.The company should add notes to explain which methods are used for which classes and clearly disclose the amounts in the financial statements.
d.The company should make separate financial statements for each class of property, plant and equipment in order to use different methods of depreciation.
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