Oneofthefollowingstatementsaboutdepreciationisfalse.Whichstatementisfalse?
A. Depreciationisaprocessofallocatingthecostofaplantassetoveritsusefullife.
B. Thecostofaplantassetminusaccumulateddepreciationequalstheasset’sbookvalue.
C. Recordingdepreciationcreatesafundtoreplacetheassetattheendofitsusefullife.
Depreciationisbasedonthematchingprinciplebecauseitmatchesthecostoftheassetwiththerevenuegeneratedovertheasset’susefullife.
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Acapitalexpenditure
A. isexpensedimmediately.
B. recordsadditionalcapital.
C. isacreditlikecapital(owners’equity)
D. addstoanasset.
Whichofthefollowingitemsshouldbeaccountedforasacapitalexpenditure?
A. Themonthlyrentalcostofanofficebuilding.
B. Salestaxespaidinconjunctionwiththepurchaseofofficeequipment.
Costsincurredtorepairleaksinthebuildingroof.
D. Maintenancefeespaidwithfundsprovidedbythecompanycapital.
HarperCompanyacquiredamachinefor$26,000andhasrecordeddepreciationforthreeyearsusingthestraight-linemethodoverasix-yearlifeand$2,000residualvalue.Whatisthebookvalueofthemachineattheendofthreefullyearsofuse?
A. $12,000
B. $13,000
C. $14,000
D. $16,250
SmithCompanyfailedtorecorddepreciationofequipment.HowdoesthisomissionaffectSmith’sfinancialstatements?
A. Netincomeisoverstatedandassetsareoverstated.
B. Netincomeisunderstatedandassetsareunderstated.
C. Netincomeisoverstatedandassetsareunderstated.
D. Netincomeisunderstatedandassetsareoverstated.
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