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question 13 in general when prices are use of the fifo method will result in a lower 4285026

Question

13. In general, when prices are use of the FIFO method will result in a lower tax liability than the other method. a. True b, False 14. Land is not subject to depreciation. a. True b. False the cost of a tangible asset over its useful life. 15. Depreciation refers to the periodic allocation b, False a. True on and testing to see that the 16. The cost of equipment would include the cost of equipment is operating properly. b, False a. True 17. Accelerated methods of depreciation result in lower depreciation expense in the last years of an asset's life than does the straight-line method. b, False a. True 18. Book value is defined as the original asset cost less accumulated depreciation. a. True b. False 19. Depletion expense is recorded for intangible assets. b. False a. True be same 20. The estimated useful life and the legal life of an intangible asset must always the a. True b. False

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