True or False
1. ____ Almost all property, plant, and equipment (PP&E) is depreciated, which means that its cost is spread over its useful life.
2. ____ PP&E is a long-term asset.
3. ____ If PP&E is found to be permanently impaired, a loss must be recorded.
4. ____ If an expenditure increases the useful life of an asset, it should be capitalized, not expensed.
5. ____ It does not matter how a company divides a basket purchase since all the assets will be depreciated anyway.
6. ____ Companies are allowed to capitalize interest while they are constructing an asset because the asset is not available to generate revenues yet.
7. ____ The only acceptable method of depreciation is straight-line.
8. ____ Accumulated depreciation is a contra-asset account.
9. ____ The purchase price of an asset is capitalized, but costs like transportation and set up of the asset should be expensed as incurred.
10. ____ Both assets used to generate revenue from operations and assets held as investment property are reported as PP&E on the balance sheet.
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