indicate whether each of the following statements is true or false.\na) plant assets are classified as long…

indicate whether each of the following statements is true or false.\na) plant assets are classified as long - term assets, while intangible assets are treated as current assets.\nb) intangible assets include patents, copyrights, and natural resources.\nc) intangible assets with indefinite useful lives will be not be amortized.\nd) the cost of land should be depreciated over its useful life.\ne) the process of expensing natural resources is called depletion.

indicate whether each of the following statements is true or false.\na) plant assets are classified as long - term assets, while intangible assets are treated as current assets.\nb) intangible assets include patents, copyrights, and natural resources.\nc) intangible assets with indefinite useful lives will be not be amortized.\nd) the cost of land should be depreciated over its useful life.\ne) the process of expensing natural resources is called depletion.

Answer

Brief Explanations:

  • a) Plant assets and intangible assets are both long - term assets, not as stated.
  • b) Natural resources are not intangible assets; intangible assets are non - physical assets like patents and copyrights.
  • c) Intangible assets with indefinite useful lives are not amortized as per accounting standards.
  • d) Land has an indefinite life and is not depreciated.
  • e) Depletion is the process of expensing natural resources.

Answer:

a) False b) False c) True d) False e) True