Which of the following categories of assets should be depreciated?

Question

Quizplus · Accepted Answer

Tangible property, plant and equipment, other than land should be depreciated because they have a limited useful life and their value decreases over time. Intangible property, such as patents and trademarks, may also have a limited useful life, but they are amortized rather than depreciated. Land does not have a limited useful life and therefore cannot be depreciated. Natural resources are generally depleted over time and are therefore subject to depletion, not depreciation.

Which of the Following Categories of Assets Should Be Depreciated