Quiz Ch 07 – T/F Normal Balance of Accumulated Depreciation Account
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
The accumulated Depreciation account has a debit normal balance.
The accumulated Depreciation account has a debit normal balance.
The double-declining-balance depreciation method initially disregards the residual value.
Residual value is present in the majority of intangible assets.
Asset impairments for all types of long-term assets can be reversed in future periods under IFRS, similar to U.S. GAAP.
Using the straight-line method instead of accelerated methods raises a company’s tax liability.
Investing activities on the cash flow statement include long-term asset acquisitions and sales.
The book value of a plant asset is the asset’s cost minus its depreciation expense for the current year.
Units-of-production depreciation method uses fixed depreciation per output unit.
Which intangible asset is not amortized under U.S. GAAP
Which statement about intangible assets is true?