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.

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Definitions:

Egocentric Behavior

Egocentric behavior is the tendency to view everything in relation to oneself, without considering the feelings, views, or needs of others.

Object Permanence

The awareness that things continue to exist even when not perceived.

Pretend Play

A type of play where children use their imagination to create scenarios, often involving role-playing and objects representing other things.

Conservatism

A political and social philosophy that promotes retaining traditional social institutions and values, often in opposition to rapid changes and innovations.