True / False Questions
116. Tangible assets include land, equipment, and goodwill.
117. Intangible assets include patents, copyrights, and franchises.
118. The term used to recognize expense for property, plant, and equipment assets is depletion.
119. Land differs from other property because it is not subject to depreciation.
120. When a building is purchased simultaneously with land, the purchase price must be allocated between the building and the land.
121. A copyright is an intangible asset with an indefinite useful life.
122. A trademark is an intangible asset with an indefinite useful life.
123. Title search and document costs incurred to purchase a building are expensed in the period the building is acquired.
124. The depreciable cost of a long-term asset is the difference between the amount paid for the asset and its salvage value.
125. Late in a plant asset's useful life, the amount of depreciation that would be recorded with the double-declining balance method is less than the amount that would be recognized with straight-line depreciation.