91) The capital cost allowance form of depreciation is used for income tax purposes.
92) GAAP require that companies use the same depreciation method for financial reporting purposes that they use for income tax purposes.
93) The sale of a property, plant and equipment item may result in a gain but not a loss.
94) If an organization selects the revaluation model, it should revise its depreciation amount with each new carrying amount.
95) When recording the sale of a capital asset, the balance in the related accumulated depreciation account is not removed from the accounting records.
96) A gain will result when the cash received on the sale of a capital asset exceeds the book value of the asset.
97) A loss will result on the sale of a capital asset when the book value of the asset exceeds the cash received.
98) Under federal law a patent is granted to the holder for 25 years.
99) Amortization is not recorded on intangible assets.
100) Intangibles with finite lives are amortized.