true or false

24. Which of the following is not classified properly as property, plant. and equipment? a. Land improvements, such as parking lots and fences b. Natural resources c. Land used in ordinary business operations d. A truck held for resale by an automobile dealership 25. What type of account is Accumulated Depreciation? a. Expense b. Contra-revenue c. Contra-liability d. Contra-asset 26. Which of the following would be considered a revenue expenditure? a. Addition of a building wing b. Installation of a heating system c. Replacement of a truck's battery d. Purchase of a microcomputer 27. Which of the following would be considered a capital expenditure? a. Cost to acquire a printing press b. Cost to replace some light bulbs c. Cost to lubricate a machine d. Cost to paint the factory wall 28. The maximum number of shares of common stock that may be issued according to the corporation's charter is referred to as a. issued shares b. unissued shares c. authorized shares. d. outstanding shares. Use the following information to answer question #29 below. The board of directors of Rochester Corporation declared a cash dividend of $1.50 per share on 42,000 shares of common stock on June 14, 2012. The dividend is to be paid on July 15, 2012, to shareholders of record on July 1, 2012 29. The effects of the journal entry to record the declaration of the dividend on June 14, 2012, are to a. decrease stockholders' equity and increase liabilities. b. increase stockholders' equity and increase liabilities. c. decrease stockholders' equity and decrease assets d. increase stockholders' equity and decrease assets. 30. on the balance sheet, treasury stock owned by the company is classified properly as a. note to the financial statements. b. contra-stockholders' equity c. investments d. current assets