Asked by Emilija Dancetovic on Jul 26, 2024
Verified
It is necessary to report both the cost and the accumulated depreciation of plant assets in the financial statements.
Financial Statements
Financial Statements are formal records of the financial activities of a business, person, or other entity, presenting the financial performance and position at a point in time and over a period.
- Understand the financial reporting standards and accounting methods applicable to plant assets.
Verified Answer
MP
Manikandan PattaliJul 30, 2024
Final Answer :
True
Explanation :
Both the cost and the accumulated depreciation of plant assets must be reported in the financial statements in order to provide a clear picture of the asset's value and the amount of depreciation expense incurred over time. This information is typically included in the balance sheet or notes to the financial statements.
Learning Objectives
- Understand the financial reporting standards and accounting methods applicable to plant assets.
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