Question # 1 (5 points): answer with assigning T for true statement or F for false statement 1. Depreciation measures the actual decline in market value of an asset. 2. A plant asset's useful life might not be the same as its productive life. 3. It is not necessary to report both the cost and the accumulated depreciation of plant assets in the financial statements. 4. Depreciation expense is calculated using estimates of an asset's salvage value and useful life. 5. Total depreciation expense over an asset's useful life will be identical under all methods of depreciation. 6. A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. 7. A single liability can be divided between current and noncurrent liabilities. 8. Trade accounts payable are amounts owed to suppliers for products or services purchased on credit. 9. Unearned revenues are liabilities. 10. A high value for the times interest earned ratio means that a company is a higher risk borrower