Question
ABC Company has given you their balance sheet to examine. You notice that there is an account titled accumulated depreciation land. Is this account appropriate?
ABC Company has given you their balance sheet to examine. You notice that there is an account titled accumulated depreciation land. Is this account appropriate?
a) Yes, because all fixed assets should be depreciated.
b) No, because accumulated depreciation accounts should not appear on the balance sheet.
c) No, because land is never depreciated.
d) No, because land is not a fixed asset.
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
