Indicate Whether Each of the Following Statements Is True or False

question 61

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 goodwill.
_____ c) The cost of most intangible assets should be amortized over the asset's useful life.
_____ 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:

Central Point of Accountability

The specific position or individual within an organization assigned the responsibility for overseeing the successful achievement of certain objectives or tasks.

Functional Structure

An organizational design where the company is divided into departments based on specialized functions, such as marketing, finance, or operations.

Economies of Scale

The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.

Expertise

Refers to the high level of knowledge or skill in a particular field or domain, acquired through training, experience, or study.