The cost of an asset that is subject to depreciation is called ...

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The cost of an asset that is subject to depreciation is called
 a. salvage value.
   b. depreciable cost.
   c. revenue.
   d. trade-in value.

Question 2

The Bob Buckham Senior Center, a not-for-profit entity, serves a hot meal to senior citizens every Friday evening. All the food is donated by a local supermarket. All the food preparation and serving is done by local volunteers.
 
  If the Center had to pay for the food, it would need to spend 10,000 a year. If it had to pay for the food preparation and service, it would need to spend 12,000 a year. How should it report these contributions in its financial statements?
   Food Food preparation and service
   a. Disclose in the notes Disclose in the notes
   b. Disclose in the notes Report 12,000 revenue and expense
   c. Report 10,000 revenue and expense Disclose in the notes
   d. Report 10,000 revenue and expense Report 12,000 revenue and expense

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Answer to Question 1

b

Answer to Question 2

c

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Correct answers!

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