Indicate Whether Each of the Following Statements Is True or False

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.