Question: When long-term/fixed assets are purchased as a group in a single transaction for a lump-sum price, the cost of the purchase is allocated among the

When long-term/fixed assets are purchased as a group in a single transaction for a lump-sum price, the cost of the purchase is allocated among the different types of assets acquired based on their relative market values or appraised values.

Group of answer choices

True

False

Question 2

The total interest on a 6-month promissory note with principal of $20,000 and an APR of 10% is $2,000.

Group of answer choices

True

False

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