Question

1. Non-current assets are any liabilities that are used in the operations of a business.
   TRUE:☐            FALSE:☐

2. The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use.
TRUE:☐        FALSE:☐

3. Depreciation is the process of allocating the cost of a tangible asset in a rational and systematic manner over the asset's estimated useful life.
TRUE:☐         FALSE:☐

4. Residual value is an estimate of an asset's value at the end of its useful life.
TRUE:☐         FALSE:☐

5. Accumulated depreciation represents funds set aside to buy new assets when the assets currently owned are replaced.
TRUE:☐       FALSE:☐

6. Regardless of the method of depreciation, total depreciation expense will be the same over an asset's useful life.
TRUE:☐         FALSE:☐

7. The cost of an asset plus its accumulated depreciation equals the asset's book value.
TRUE:☐       FALSE:☐

8. SportsWorld purchased store equipment for $65,000. The equipment has an estimated residual value of $6,000, with an estimated useful life of 10 years. The annual depreciation using the straight-line method will be $3,900 per year.
TRUE:☐       FALSE:☐

9. When the cost of the asset changes because of a subsequent capital expenditure, revised depreciation for current and future periods must be calculated and adjusted.
TRUE:☐         FALSE:☐

10. Depreciation amounts can be revised because of changes in the estimates for residual value, useful life or because of subsequent revenue expenditures.
TRUE:☐       FALSE:☐

Answer 1

Dear student, only one question is allowed at a time. I am answering the first question

1)

Non-current assets are a form of long term investment by a company which will not be realized in cash within the current accounting period but the benefits of which will be received by the organization over a long period of time

So, Non-current assets are not liabilities but assets and so the statement in the question is False