Indicate Whether Each of the Following Statements Is True or False

question 65

Short Answer

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.

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Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and profits over a specific period of time.

Exchange Rates

The price of one currency in the terms of another, used to figure out the equivalent amount in a different currency.

Fiscal Year-End

The end of a company's accounting year, when it completes its annual financial statements and reports.

Foreign Currency Units

Foreign currency units refer to the various national currencies in which international transactions are denominated and financial statements of foreign operations are reported.