Indicate whether each of the following statements is true or false._____ a) Long-term assets having no physical substance are called intangible assets._____ b) Trademarks are examples of an intangible asset._____ c) Natural resources are examples of tangible long-term assets._____ d) The reason that land is classified separately from other tangible assets is because the cost is normally much higher._____ e) Goodwill is classified as Plant, Property and Equipment.
What will be an ideal response?
a) This is true. Intangible assets derive their value from rights and privileges.
b) This is true.
c) This is true. Natural resources are tangible assets.
d) This is false. Land is classified separately because it is not depreciated, amortized, or depleted.
e) This is false. Goodwill is an intangible asset because it does not have physical substance.
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Assume Fleet does not contribute the capital deficiency. How much cash is available to distribute to the partners?
A partnership is liquidating. The partners share profits and losses equally. After liquidating the assets and paying the liabilities, the partners'; capital accounts are as follows:
A) $43,000
B) $49,000
C) $63,000
D) $77,000
The Public Company Accounting Oversight Board (PCOAB) was created to determine the standards that auditors must follow
Indicate whether the statement is true or false
One benefit of strategic planning is it ______.
A. is a panacea for all organizational problems B. provides a basis for rational decision-making C. reinforces the chief executive officer’s power D. relieves the board members of planning responsibilities
What is qualifying? What are the basic questions that a salesperson should ask in the qualifying process?
What will be an ideal response?