Which of the following statements is true?

Question

Quizplus · Accepted Answer

Intangible assets are assets that do not have a physical existence, such as patents, trademarks, and goodwill. A is false because accumulated depreciation is a contra account on the balance sheet, not the income statement. C is false because the current ratio is current assets divided by current liabilities, not the sum of the two. D is false because the book value of a building is the cost of the building minus accumulated depreciation to date.

Which of the Following Statements Is True