How Many of These Statements Are True of the Composite

question 24

Multiple Choice

How many of these statements are true of the composite rate depreciation approach?
The general asset mix of a functional group of assets is assumed to be the same through new assets are added and old assets are sold.
Additions and retirements are assumed to occur uniformly throughout the year.
The method is often used by business entities with many similar assets in one class.
Profits and losses on disposal of assets are debited/credited to the accumulated depreciation account so no losses or profits on disposal are recorded.

• A) 1
• B) 2
• C) 3
• D) 4

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