1. One argument in favor of an accelerated depreciation (like the double-declining balance method) is that asset benefit is greater in the earlier years. A) True B) False 2. Recording depreciation on plant assets affects the balance sheet and the income statement. A) True B) False 3. The four categories of plant assets are: A) land, land improvements, buildings, and equipment. B) intangibles, land, buildings, and equipment. C) furnishings and fixtures, land, buildings, and equipment. property, plant, equipment, and land. 4. Depreciation is a process of A) asset devaluation. B) cost accumulation. C) cost allocation. D) asset valuation