Asked by Michael Sefick on Jun 27, 2024
Verified
Minerals removed from the earth are classified as intangible assets.
Intangible Assets
Non-physical assets that possess value due to their intellectual or non-material nature, such as patents, trademarks, and goodwill.
- Discern the specific traits and treatment in accounting of intangible assets as opposed to tangible assets.
- Learn about the accounting for natural resources, including the concept of depletion.
Verified Answer
ZK
Zybrea KnightJul 03, 2024
Final Answer :
False
Explanation :
Minerals removed from the earth are considered natural resources and tangible assets. Intangible assets refer to non-physical assets such as patents, trademarks, and copyrights.
Learning Objectives
- Discern the specific traits and treatment in accounting of intangible assets as opposed to tangible assets.
- Learn about the accounting for natural resources, including the concept of depletion.
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