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