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e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount offered to a customer

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 7DQ

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Question

Which of the following transactions should not be disclosed in the income statement?
A. Purchase of an office building
B. Depreciation of vehicles
C. Maintenance of machinery
D. Sales discount offered to a customer

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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