Ppe is a catch all term used to accumulate costs for

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1. PPE is a catch all term used to accumulate costs for miscellaneous expense items in an organization. (Points : 1) True False
Question 2. 2. On the balance Sheet PPE items are usually listed from high cost to low cost. (Points : 1)
Question 3. 3. The value of a capital purchase to be recorded on the books would be the sticker price of the item purchased. (Points : 1)
False Question 4. 4. Purchasing small hand tools for the maintenance department would be an example of a capital purchase because they can be used for more than one accounting period. (Points : 1)
Question 5. 5. Depreciation is a method used for a firm to calculate the FMV of an asset. (Points : 1) True False
1. Gross Profit is ___________________. (Points : 1)
Question 2. 2. All of the following are considered part of inventory cost except__________. (Points : 1)
Question 3. 3. In a period of rising raw material costs the inventory cost flow assumption that will provide the firm with the highest net income would be _______________________. (Points : 1)

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