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Fundamental Accounting Principles Study Set 5
Quiz 10: Long-Term Assets
Capital Expenditures Are Also Called Balance Sheet Expenditures
Question 37
True False
Capital expenditures are also called balance sheet expenditures.
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Q 38
An expenditure that improves the type or amount of service an asset provides is a type of capital expenditure.
Q 39
Property, plant and equipment can be disposed of by discarding, selling, or exchanging them.
Q 40
The first step in accounting for an asset disposal is to calculate the gain or loss on disposal.
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