which of the following statements is not correct? 1) generally accepted accounting principles require that the original cost of a long-term asset continue to appear in the asset account until the disposition of the asset. 2)The book value of a long-term asset is reduced each year as depreciation is recorded Building and trucks are examples of long -term assets 3)Salvage value is computed by subtracting the accumulated depreciation from the cost of a long-term asset.
which of the following statements is not correct? 1) generally accepted accounting principles require that the original cost of a long-term asset continue to appear in the asset account until the disposition of the asset. 2)The book value of a long-term asset is reduced each year as depreciation is recorded Building and trucks are examples of long -term assets 3)Salvage value is computed by subtracting the accumulated depreciation from the cost of a long-term asset.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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which of the following statements is not correct?
1) generally accepted accounting principles require that the original cost of a long-term asset continue to appear in the asset account until the disposition of the asset.
2)The book value of a long-term asset is reduced each year as
3)Salvage value is computed by subtracting the
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