Indicate whether the given statement is true or false.

Question

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Answer 1

Question

Chapter 18, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Long-term assets: The assets which are used to generate revenue for the business operations for a number of accounting periods are referred to as long-term assets.

Description: All the long-term assets wear-out gradually, except land. Land is the long-term asset that has unlimited useful life, hence, it is not depreciated. Land is the long-term asset that cannot be consumed completely. Hence, the statement is false.

Conclusion

Thus, the given statement is false as long-term assets either wear out gradually or consumed completely.

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Students have asked these similar questions

Harry Company sells 30,000 units at $25 per unit. Variable costs are $20.50 per unit, and fixed costs are $52,000. Determine the following: a. The contribution margin ratio b. The unit contribution margin c. The income from operations

Correct answer

A company sold a piece of equipment that originally cost $55,000 for $20,000 when accumulated depreciation on the equipment was $40,000. What is the amount of gain or loss recorded on the sale of this equipment?

Answer 2

Question

Chapter 18, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Long-term assets: The assets which are used to generate revenue for the business operations for a number of accounting periods are referred to as long-term assets.

Description: All the long-term assets wear-out gradually, except land. Land is the long-term asset that has unlimited useful life, hence, it is not depreciated. Land is the long-term asset that cannot be consumed completely. Hence, the statement is false.

Conclusion

Thus, the given statement is false as long-term assets either wear out gradually or consumed completely.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 18, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Long-term assets: The assets which are used to generate revenue for the business operations for a number of accounting periods are referred to as long-term assets.

Description: All the long-term assets wear-out gradually, except land. Land is the long-term asset that has unlimited useful life, hence, it is not depreciated. Land is the long-term asset that cannot be consumed completely. Hence, the statement is false.

Conclusion

Thus, the given statement is false as long-term assets either wear out gradually or consumed completely.

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Answer 4

Question

Chapter 18, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Long-term assets: The assets which are used to generate revenue for the business operations for a number of accounting periods are referred to as long-term assets.

Description: All the long-term assets wear-out gradually, except land. Land is the long-term asset that has unlimited useful life, hence, it is not depreciated. Land is the long-term asset that cannot be consumed completely. Hence, the statement is false.

Conclusion

Thus, the given statement is false as long-term assets either wear out gradually or consumed completely.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 18, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Long-term assets: The assets which are used to generate revenue for the business operations for a number of accounting periods are referred to as long-term assets.

Description: All the long-term assets wear-out gradually, except land. Land is the long-term asset that has unlimited useful life, hence, it is not depreciated. Land is the long-term asset that cannot be consumed completely. Hence, the statement is false.

Conclusion

Thus, the given statement is false as long-term assets either wear out gradually or consumed completely.

Answer 6

Chapter 18, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Long-term assets: The assets which are used to generate revenue for the business operations for a number of accounting periods are referred to as long-term assets.

Description: All the long-term assets wear-out gradually, except land. Land is the long-term asset that has unlimited useful life, hence, it is not depreciated. Land is the long-term asset that cannot be consumed completely. Hence, the statement is false.

Conclusion

Thus, the given statement is false as long-term assets either wear out gradually or consumed completely.

Answer 7

Chapter 18, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Answer 8

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Long-term assets: The assets which are used to generate revenue for the business operations for a number of accounting periods are referred to as long-term assets.

Description: All the long-term assets wear-out gradually, except land. Land is the long-term asset that has unlimited useful life, hence, it is not depreciated. Land is the long-term asset that cannot be consumed completely. Hence, the statement is false.

Answer 12

Conclusion

Thus, the given statement is false as long-term assets either wear out gradually or consumed completely.

Answer 13

Ch. 18 - Prob. 1TF Ch. 18 - Prob. 2TF Ch. 18 - Depreciation is a process of asset valuation; that...Ch. 18 - The straight-line method of depreciation allocates...Ch. 18 - Prob. 5TF Ch. 18 - Prob. 1MC Ch. 18 - Prob. 2MC Ch. 18 - Prob. 3MC Ch. 18 - Prob. 4MC Ch. 18 - Prob. 5MC

Indicate whether the given statement is true or false.

Indicate whether the given statement is true or false.

Answer to Problem 1TF

Explanation of Solution

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Chapter 18 Solutions