• 2022-06-10
    A plant asset's useful life might not be the same as its productive life.
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      The units-of-production method of depreciation charges a constant amount of expense for each period of an asset's useful life.

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      Plant assets are: A: Tangible assets used in the operation of a business that have a useful life of more than one accounting period. B: Current assets. C: Held for sale. D: Intangible assets used in the operations of a business that have a useful life of more than one accounting period. E: Tangible assets used in the operation of business that have a useful life of less than one accounting period.

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      Grant Company has decided to change the estimate of the useful life of an asset that has been in service for 2 years. Which of the following statements describes the proper way to revise a useful life estimate?( ) A: Revisions in useful life are permitted if approved by the IRS. B: Retroactive changes must be made to correct previously recorded depreciation. C: Only future years will be affected by the revision. D: Both current and future years will be affected by the revision.

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      Millions of years ago, changes in the Earth's climate caused animal and plant life to ______. (diversion)

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      In "Life at Harvard University", which one is not described about the author's Harvard life? A: Her academic life. B: Her romantic life. C: Her extracurricular life. D: Her friends she was acquainted with at Harvard.