Final answer:
Credits from vendors do in fact affect the acquisition cost of an asset. If a credit is issued after the initial recording of the asset, the cost must be adjusted to reflect this change.
Step-by-step explanation:
The statement credits received from vendors for existing assets do not affect acquisition cost is false. The acquisition cost of an asset should reflect the net amount paid for it. If a company receives a credit from a vendor for a deficiency or a price adjustment after the asset has been initially recorded, the acquisition cost should be revised to reflect the credit received. Acquisition cost is the basis for subsequent accounting for the asset, including depreciation and impairment testing.