Which of the statements below is FALSE?
A)The cash account is much like your individual checkbook,because it tells you how much money you currently have for paying bills or spending on new items.
B)Current assets are accounts that will normally be turned into cash over the course of the operating or business cycle of the firm,and current liabilities are the accounts that will come due for payment over the operating or business cycle.
C)The long-term capital asset accounts of the balance sheet represent the capital investment of the company and reflect assets that the company owns and that provide the basis for producing goods and services for sale.
D)The Plant,Property and Equipment account is straightforward in its description,yet it cannot tell you the accumulated depreciation.

Question

Quizplus · Accepted Answer

The statement that the Plant, Property and Equipment account cannot tell you the accumulated depreciation is false. The account includes a sub-account for accumulated depreciation, which shows the amount of depreciation expense that has been recorded for the assets in the account.

Which of the Statements Below Is FALSE