If a Business Has Several Types of Non-Current Assets Such

question 117

Multiple Choice

If a business has several types of Non-current assets such as equipment, buildings, and trucks,

• A) there should be only one accumulated depreciation account.
• B) there should be a separate accumulated depreciation account for each type of asset.
• C) all the long-term asset accounts will be recorded in one general ledger account.
• D) there won't be a need for an accumulated depreciation account.

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Definitions:

State-Dependent Learning

The principle that information learned in a particular state of mind can more easily be recalled when in the same state.

Recall Tests

Memory tests in which participants are asked to remember and reproduce information without cues.

Judgments

The mental operation of assessing, forming opinions, or making decisions based on information, reasoning, and/or emotional responses.

Sincerity

The quality of being free from pretense, deceit, or hypocrisy in one's actions or words.