Most of the long-term tangible Assets (except Land) are expensed out throughout its useful life as the ability of the asset to contribute to the revenue-generating activities declines over its useful life. * True False

When a customer dishonors the payment on the maturity date of a Notes Receivable, it is continued to be recorded as an asset under the Notes Receivables section under the same terms mentioned in the original note. * True False

When the customer returns 5% of the goods you sold them, you will only consider 95% of your original sales amount as the outstanding receivables as you think this is the net realizable value that the customer owes you. * True False

Acme Company is in need of $95,000 for an urgent machine repair work but doesn't have enough cash to support this work. Acme has a Cash reserve of $35,000 but does not want to use this cash on the repair work. The Accounts Receivables balance is $225,000. One way to manage this fund shortage is to sell a part of the Accounts Receivables to a factor or a bank at a discounted price to raise this emergency money. * True False

Acme Company purchased a building 10 years ago at $467,000 and this has been the value of the asset since then. The current market valuation conducted by a reputed real estate company of the building is $989,000. The General Manager presented a proposal to the Board on whether the company should update the value of the building to its current market price to increase the overall Asset valuation of the company. The General Manager proposed that this change will increase investor confidence and attract more investors to invest in the company. The board rejected the proposal and thinks this would be against the standard accounting principles. The decision of the board is (select "true" if right, and "false" if wrong)- * True False