Tangible assets include land-equipment and goodwill

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Reference no: EM131295275

1. The collection of an account receivable is an asset source transaction.

True False

2. A company that uses the direct write-off method of accounting for uncollectible accounts must still prepare a year-end adjusting entry to estimate its uncollectibles.

True False

3. Tangible assets include land, equipment, and goodwill.

True False

4. Intangible assets include patents, copyrights, and franchises.

True False

5. The term used to recognize expense for property, plant, and equipment assets is depletion.

True False

Reference no: EM131295275

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