Indicate Whether Each of the Following Statements Is True or False

question 120

Short Answer

Indicate whether each of the following statements is true or false.
1. Goodwill is classified as part of Property, Plant, and Equipment
2. Long-term assets having no physical substance are called intangible assets
3. Land is classified separately from other tangible assets because the cost is normally much higher
4. Natural resources are examples of tangible long-term assets
5. Equipment is an example of an intangible asset

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Definitions:

Pattern

A recognizable repetition of elements or designs, often identified in nature, human behavior, or manufactured objects.

Figure-Ground Relationships

A visual perception principle distinguishing an object (the figure) from its surrounding area (the ground).

Objects

Physical items that occupy space and have properties that can be perceived by the senses.

Shape Constancy

The perceptual phenomenon whereby the perceived shape of an object remains constant even when its orientation to the viewer changes.