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QUESTION 1 If the residual value of an asset increased, annual depreciation expense would also increase. O True O False QUESTION 2 Fixed costs vary

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QUESTION 1 If the residual value of an asset increased, annual depreciation expense would also increase. O True O False QUESTION 2 Fixed costs vary in line with products being produced. True False QUESTION 3 A markup can be calculated either in terms of dollars or as a percentage of cost. True False QUESTION 4 Under a perpetual inventory system a physical accounting for inventory is taken on a periodic basis. True False

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