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Indicate Whether Each of the Following Statements Is True or False

Question 96

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

Premises:
The reason that land is classified separately from other tangible assets is because the cost is normally much higher.
Goodwill is classified as Property,Plant and Equipment.
Trademarks are examples of an intangible asset.
Long-term assets having no physical substance are called intangible assets.
Natural resources are examples of tangible long-term assets.
Responses:
False
True

Correct Answer:

The reason that land is classified separately from other tangible assets is because the cost is normally much higher.
Goodwill is classified as Property,Plant and Equipment.
Trademarks are examples of an intangible asset.
Long-term assets having no physical substance are called intangible assets.
Natural resources are examples of tangible long-term assets.
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