Indicate whether each of the following statements is true or false.________ a) Plant assets are classified as long-term assets, while intangible assets are treated as current assets.________ b) Intangible assets include patents, copyrights, and natural resources.________ c) Intangible assets with indefinite useful lives will be not be amortized.________ d) The cost of land should be depleted over its useful life.________ e) The cost of a natural resource should be expensed (depleted) over its useful life.
What will be an ideal response?
a) F b) F c) T d) F e) T
a) This is false. Intangible assets are long-term assets.
b) This is false. Natural resources are not intangible assets.
c) This is true. Only intangible assets that have identifiable lives would be amortized.
d) This is false. Land is not depleted or expensed in any way.
e) This is true. Natural resources are depleted in order to match their expense with the revenue they produce.
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