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Name: __________________________ Date: _____________ PROBLEM SET – CHAPTER 11 ACCOUNTING 2303 (5 POINTS EACH) Page 1
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1. True or False. Place T or F in front of each of the following statements. ______ 1. The straight-line method of depreciation is based on the assumption that depreciation expense can be regarded as a constant function of time. ______ 2. Plant assets should be written down (below cost) when their market value has declined temporarily. ______ 3. The accounting profession has developed specifically recommended procedures for recording appraisal increases with respect to plant assets. ______ 4. An asset's cost minus its accumulated depreciation equals its book value. ______ 5. The sum-of-the-years'-digits method of depreciation ignores salvage value in the computation of an asset's depreciable base. ______ 6. When using the double-declining balance method of determining depreciation, a declining percentage is applied to a constant book value. ______ 7. The book value of plant assets declines more rapidly under decreasing-charge methods than under the straight-line method.
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