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

Intangible assets are amortized when: There is no more depreciation available to take. It has a finite life. It has an infinite life. The value has been impaired.

True or false If you are still using the asset after its estimated useful life is over? You stop taking further depreciation?

Fixed assets have their expenses spread out over time with depreciation. Why aren't they fully expensed at the time they are purchased?

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.

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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