Which of the following statements about depreciation is false? a. Recording depreciation creates a fund to replace

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Which of the following statements about depreciation is false?

a. Recording depreciation creates a fund to replace the asset at the end of its useful life.

b. The cost of a building minus accumulated depreciation equals the building's carrying amount.

c. Depreciation is a process of allocating the cost of property, plant, and equipment over its useful life.

d. Depreciation is caused by physical wear and tear or obsolescence.

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Financial Accounting

ISBN: 9780135433065

7th Canadian Edition

Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin

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