Cost of asset and Net Book Value of the asset are not the same.

True

False

49. If you receive money in the future, it is worth less

True

False

51. It is possible to determine whether there is Profit or Loss without closing the books of accounts. However, we need the following:

Breakeven amount in units and Quantity sold

Breakeven amount in Dollars and Cost of Goods Sold

Fixed Cost

Variable Cost

32. Period Costs are expensed in the period in which they are incurred unlike PRODUCT costs

True

False