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Indicate Whether Each of the Following Statements Is True or False

Question 100

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Indicate whether each of the following statements is true or false.

Premises:
Intangible assets with indefinite useful lives will be not be amortized.
The cost of a natural resource should be expensed (depleted) over its useful life.
Plant assets are classified as long-term assets,while intangible assets are treated as current assets.
Intangible assets include patents,copyrights,and natural resources.
The cost of land should be depleted over its useful life.
Responses:
False
True

Correct Answer:

Intangible assets with indefinite useful lives will be not be amortized.
The cost of a natural resource should be expensed (depleted) over its useful life.
Plant assets are classified as long-term assets,while intangible assets are treated as current assets.
Intangible assets include patents,copyrights,and natural resources.
The cost of land should be depleted over its useful life.
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