Which of the following statement is false? Group of answer choices Depreciation is a noncash expense Depreciation is the process of allocating to expense the cost of a plant asset over its useful life Company must determine the book value of the plant asset at the disposal date to determine the gain or loss If the asset’s book value exceeds the proceeds received from disposal by sale, the company records a gain.

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Lanuel

Answer:

If the asset’s book value exceeds the proceeds received from disposal by sale, the company records a gain.

Explanation:

All of the other options are true except for this option;

If the asset’s book value exceeds the proceeds received from disposal by sale, the company records a gain.

It is expected that the company should record a loss rather.

Hence, If the sales of a plant asset exceeds its book value, the company records a gain.