Which One of the Following Statements Is Not True

question 57

Multiple Choice

Which one of the following statements is not true?

• A)Depletion may be credited either to Accumulated Amortization or directly to the asset account.
• B)If statutory depletion is used for tax purposes, it must also be used for financial reporting purposes.
• C)Depletion costs can be added directly to inventory.
• D)The total depletion charges for income tax purposes over the life of an asset may exceed the cost of the asset.

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Definitions:

Perceptual Component

The aspect of perception involving the interpretation and organization of sensory information to understand the environment.

Cognitive Component

The aspect of attitude that involves a person's beliefs, thoughts, and knowledge about the subject.

Behavioural Component

The aspect of attitude that refers to the way one behaves towards an object or situation.

Rapid-response Pathway

A mechanism within the body or in organizational processes designed to react quickly to stimuli or situations, providing swift action or decisions.