All of the following statements are true EXCEPT:
A)under current accounting rules,plant and equipment appear on a company's balance sheet valued at replacement value.
B)plant and equipment are generally reported net of depreciation.
C)depreciation reflects the reduction in the value of fixed assets over time.
D)land is assume to remain useful indefinitely.

Question

Quizplus · Accepted Answer

Under current accounting rules, plant and equipment are typically reported at historical cost less accumulated depreciation, not replacement value.

All of the Following Statements Are True EXCEPT