Question Details

Accumulated depreciation is reported on the statement of financial position 


True or false:
1.		Land improvements are reported on the statement of financial position at their cost less accumulated depreciation. 

2.		Accumulated depreciation is reported on the statement of financial position as a deduction from plant assets. 

3.		Recording depreciation on plant assets affects the statement of financial position and the income statement. 

4.		The depreciable cost of a plant asset is its original cost minus obsolescence. 

5.		Recording depreciation each period is an application of the expense recognition principle. 



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