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Which fences and parking lots are reported on balance sheet

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Reference no: EM132788534

Problem 1: The book value of a plant asset is?

a. The asset's acquisition cost less the total related depreciation recorded to date.

b. The fair market value of the asset at a balance sheet date.

c. Equal to the balance of the related accumulated depreciation account

d. The assessed value of the asset for property tax purposes.

Problem 2: Fences and parking lots are reported on the balance sheet as

a. Current assets

b. Property & equipment

c. Land

d. Land improvements

Problem 3: Which of the following principles best describes the current method of accounting for research and development costs?

a. Systematic and rational allocation

b. Associating cause and effect

c. Immediate recognition as an expense

d. Income Tax Minimization

Reference no: EM132788534

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