Depreciation expense is reported for a not-for-profit organization's equipment and furniture.

True

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False

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Not defined

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None of these

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Solution

The correct option is A
True

True. Depreciation expense is considered and shown on the debit side of income and expenditure account.

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Similar questions

Q. In accounting for not-for-profit organizations, revenues and expenses are reported at amounts and most gains and losses arc reported at ________ and _________ amounts.

Depreciation is a non-cash expense which should not be provided for in the profit and loss account. Comment.

cot A

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A = 0^{o}

Enter

1

for true and

0

for false

Q. Assertion :Depreciation amount is added back to net profit for calculating funds from operation in preparing a funds flow statement. Reason: Depreciation is an item of expense but not funds.

The appropriate journal entry to record equipment depreciation expense would consist of a debit to Depreciation Expense and a credit to which of the following accounts?

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Depreciation expense is reported for a not-for-profit organization's equipment and furniture.

The correct option is A True True. Depreciation expense is considered and shown on the debit side of income and expenditure account.

The correct option is A
True

True. Depreciation expense is considered and shown on the debit side of income and expenditure account.