Property, plant and equipment are assets held for sale. True False Non-current assets are any liabilities that are used in the operations of a business. True False Non-current assets can be divided into two groups including tangible and intangible assets. These assets are generally used in operations of a business and have useful lives extending over more than one accounting period. True False Land purchased as a building site is a tangible asset called property, plant and equipment and is classified under the "Long- term Investments" section on the balance sheet. True False The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. True False If a machine is damaged during unpacking, the repairs are added to its cost. True False To be charged to and reported as part of the cost of property plant and equipment, an expenditure must be normal, reasonable, and necessary in preparing the asset for its intended use True False On January 1 of this year, Sports World purchased a new cash register for S5,400. This register has a useful life of 10 years and a residual value of $400. Using the double-declining-balance method, how much depreciation expense should Sports World recognize for next year? $500 S540 S1,000 5864 S1,080