It is False that Content area the cost of repairing damage to a machine during installation is debited to a fixed asset account.
A long-lasting tangible item or apparatus that a company owns and utilizes in its operations to make money is referred to as a fixed asset. For fixed assets, it is typically assumed that they will continue to exist, be consumed, or be converted to cash after at least a year. Therefore, businesses are able to depreciate the value of these assets to reflect normal wear and use.
Property, plant, and equipment are examples of fixed assets that frequently show on the balance sheet (PP&E).
With time, fixed assets lose value. These assets are used in a different way than other things since they generate long-term revenue. While intangible assets do not require periodic amortization, physical assets must.
An asset's cost is depleted annually to a specific extent.
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