True/False  1. a) Fixed or capital assets such as automobiles or buildings are normally fully expensed when they are purchased.     b) Supplies are immaterial and therefore always expensed when purchased: For each, explain the reason for that answer please.

1. If a Revaluation of an asset is done for the first time and there is a revaluation gain, this should be shown in a. Other Comprehensive Income as a Negative figure b. Other Comprehensive Income as a Positive figure c. The Statement of Profit and Loss Account as an Expense d. The Statement of Profit and Loss as Income

Record the entry to adjust asset values to fair value. Record the entry to reduce additional paid in capital balance to correct figure, to close out gain account, and to eliminate deficit. How do I do this? What part of this is the adjust asset value and what part is the deficit entry

Assets do not include: Multiple Choice O O investments. accounts receivable. property, plant, and equipment. contributed capital.