-Which of the following statements is true?

The straight-line method of depreciation allocates a decreasing amount of depreciation expense each year.

Straight-line depreciation is the least used method for financial reporting purposes.

Fixed assets are reported at historical cost less accumulated depreciation on the balance sheet.

The total amount of depreciation over the asset's life is larger when using an accelerated method of depreciation.

-What is a qualified report?

A report stating that the auditors are not qualified to report on a firm.

A report that states the financial statements are in violation of GAAP.

A report that states that departures from GAAP exist in the firm's financial statements.

A report that states the financial statements are presented fairly, in all material respects, and are in conformity with GAAP.