Natural resources have an indefinite life so their use is never expensed.
True
False
Answer ) False Natural resources have limited supply thus limited life .They are expensed and carried on the book value on balance sheet. |
Natural resources have an indefinite life so their use is never expensed. True False
statements as true or false. 1. All else equal, countries with more natural resources have a higher GDP per capita than those with few natural resources 2. Over the past two hundred years, improvements in productivity have offset lost productivity reduction due to less land being available. 3. The key to prosperity in the 20th century is an economy rich in natural resources. 4. Human and physical capital are only beneficial to an economy when there is an abundance of...
Depletion is the same as depreciation but used for natural resources. True False
Under U.S. GAAP, research and development costs are expensed as incurred; however, in the natural resources industry, the cost of finding and developing natural resources (such as crude oil reserves) may be capitalized in the balance sheet under the full cost and successful efforts methods. Are these methods inconsistent with the general treatment of research and development costs under U.S. GAAP? What explanations can you offer for this inconsistency in accounting treatment of similar outlays under U.S. GAAP?
Under U.S. GAAP, research and development costs are expensed as incurred; however, in the natural resources industry, the cost of finding and developing natural resources (such as crude oil reserves) may be capitalized in the balance sheet under the full cost and successful efforts methods. Are these methods inconsistent with the general treatment of research and development costs under U.S. GAAP? What explanations can you offer for this inconsistency in accounting treatment of similar outlays under U.S. GAAP?
Under U.S. GAAP, research and development costs are expensed as incurred; however, in the natural resources industry, the cost of finding and developing natural resources (such as crude oil reserves) may be capitalized in the balance sheet under the full cost and successful efforts methods. Are these methods inconsistent with the general treatment of research and development costs under U.S. GAAP? What explanations can you offer for this inconsistency in accounting treatment of similar outlays under U.S. GAAP?
The entropy of an isolated system must be conserved, so it never changes. True False
Product costs are expensed on the income statement in the period incurred. True or False
In a world of scarcity we will never Natural resources, or land. can include the fertility of the land minerals below it and what other aspects?
Maximizing profit just means finding the best use of resources. O True © False A loss of a business owner is the punishment for not using resources in the best way. True False Allowing for bankruptcy is unfortunate for the business owner but desirable for the society. O True False If you have absolute advantage in an activity, you also have comparative advantage in that activity. True False There is much more specialization in small communities than in large cities...
Organism do not have to use energy to sustain life. True or false Each species has its own set of ______ that evolved over time and help it survive in its environment. A. Origin B. Cell C. Adaption D. Molecules