Asked by mahesh likhe on Jun 05, 2024
Verified
Natural resources:
A) Include standing timber, mineral deposits, and oil and gas fields.
B) Are also called wasting assets.
C) Are long-term assets.
D) Are depleted.
E) All of these.
Wasting Assets
Resources that decrease in value over time due to physical deterioration or depletion, such as minerals, oil reserves, or patents.
- Identify the differences between depreciation, amortization, and depletion.
- Comprehend the treatment of natural resources and the concept of depletion.
Verified Answer
ZK
Zybrea KnightJun 05, 2024
Final Answer :
E
Explanation :
Natural resources include standing timber, mineral deposits, and oil and gas fields. They are also called wasting assets as they are depleted over time. They are long-term assets but do not have an infinite life as they are depleted.
Learning Objectives
- Identify the differences between depreciation, amortization, and depletion.
- Comprehend the treatment of natural resources and the concept of depletion.
Related questions
Salta Company Installs a Manufacturing Machine in Its Factory at ...
The Entry to Record Patent Amortization Usually Includes a Credit ...
Chasteen Company Acquired Mineral Rights for $9,100,000 ...
Champion Company Purchased and Installed Carpet in Its New General ...
On July 1, Hartford Construction Purchases a Bulldozer for $228,000 ...