Which One of the Following Statements Is Not True

question 68

Multiple Choice

Which one of the following statements is not true?

• A)Depreciation is the process of allocating the purchase price of an asset minus its residual value to expense for each period benefited by the asset.
• B)The cost of an asset includes all acquisition costs necessary to obtain the benefits to be derived from the asset.
• C)The service life of an asset is the measure of the number of years of service expected from the asset before its disposal.
• D)The residual value of an asset is the difference between the expected book value of the asset at the end of its service and the costs of disposal.

Identify and correct errors in the recording of cash transactions and the preparation of bank reconciliations.

Understand the treatment of noninterest-bearing notes receivable, including the computation of interest revenue and discount amortization.

Recognize the importance and methods of internal control over cash to prevent and detect errors and fraud.

Classify and report cash and cash equivalents in financial statements according to U.S. GAAP and IFRS.

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Definitions:

Psychological Disorder

A disorder characterized by patterns of thought, feeling, or behavior that are deviant, distressing, and dysfunctional, impacting daily life and functioning.

Negative Thoughts

Automatic, self-critical ideas that can contribute to feelings of anxiety, depression, and decreased motivation.

Cognitive-Behavioral

Relating to a psychological treatment approach that addresses maladaptive thinking patterns to change behavior and emotional state.

Psychodynamic

A theoretical perspective in psychology that emphasizes the role of the unconscious mind, inner forces, and childhood experiences in shaping behavior and personality.