What Major Component of Tanks Floats Upon the Surface of the Stored

question 30

Multiple Choice

What major component of tanks floats upon the surface of the stored liquid and is used to decrease vapor space and reduce potential for evaporation?

• A) Blanketing
• B) Floating roof
• C) Articulated drain
• D) Foam chamber

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Definitions:

Accumulated Depreciation

It refers to the total amount of depreciation expense that has been recorded against an asset over its useful life until the present time.

Fixed Asset Account

An account on the balance sheet representing long-term tangible assets held for business use and not expected to be converted to cash in the near term.

Accumulated Depreciation Account

A balance sheet item representing the cumulative amount of depreciation expense charged against an asset over its useful life.

Book Value

Refers to the net value of an asset as recorded on the balance sheet, calculated as the original cost minus accumulated depreciation and impairment.