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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

All long-term assets wear out gradually or are gradually used up entirely.

To determine

Indicate whether the given statement is true or false.

Answer

The given statement is false.

Explanation

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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