Question 8 Mark the following statements as True or False, then select the corre

Question

Question 8 Mark the following statements as True or False, then select the corresponding multiple-choice answer. Accumulated depreciation is a contra-asset account that decreases the historical cost of a fixed asset to determine its book value. _ Land improvements are not depreciated The depreciable base of an asset is the cost of the asset less anticipated salvage value. A. True, True, True B. True, False, False OC. True, False, True D. False, True, True E. False, False, False Moving to another question will save this response. 7

Explanation / Answer

The correct answer is Option C i.e. True, False, True.

Explanation:

1. Net Assets = Gross Assets - Accumulated Depreciation

2. Land improvements are depreciated.

3. The depreciable base = Cost - Salvage Value.

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