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ACCT125 Quiz 2 of 3




Question;Question 11 points Save Salvage value has a similar meaning asresidual value.scrap value.both residual value and scrap value. Question 21 points Save Which of the following is NOT characteristic of the accumulated depreciation account?Accumulated depreciation represents cash reserved for asset replacement.Accumulated depreciation is a contra-asset account.Accumulated depreciation may be disclosed in the notes to the financial statements.All of these are characteristic of the accumulated depreciation account. Question 31 points Save A current asset account must be increased for revenue expenditures since they only benefit the current period.TrueFalse Question 41 points Save A gain is recorded on the sale of fixed assets whenthe asset is sold for a price less than its book value.the asset?s book value is less than the cash received.accumulated depreciation is less than the cash received.None of the above.


Paper#39500 | Written in 18-Jul-2015

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