Long-Term Assets: True or False

Yes or No

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About this activity

Test your knowledge of long-term assets and depreciation.

Created by

JS Springman

United States

Download the paper version to play

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1	JS Springman November 20, 2025	% 70	01:27

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Long-Term Assets: True or FalseOnline version Test your knowledge of long-term assets and depreciation. by JS Springman 1 Depreciation reduces cash flow directly in all cases. Yes No 2 The depletion of natural resources uses a method similar to depreciation, allocating cost over the total estimated units. Yes No 3 Depreciation can be calculated using straight-line, double-declining-balance, or units-of-production methods. Yes No 4 Basket purchases allocate cost strictly by the absolute market values of the assets, with land always receiving 60% of the total. Yes No 5 MACRS depreciation uses only the straight-line method for all asset classes. Yes No 6 Goodwill is the excess of cost over fair value of net tangible assets acquired in a business combination. Yes No 7 Land is considered a long-term asset that is not depreciated. Yes No 8 Salvage value is used in calculating depreciation under the double-declining-balance method. Yes No 9 Only tangible assets are subject to depreciation; intangible assets do not get amortized. Yes No 10 Intangible assets with identifiable useful lives are amortized over their useful life. Yes No

Long-Term Assets: True or FalseOnline version

Test your knowledge of long-term assets and depreciation.

by JS Springman

Depreciation reduces cash flow directly in all cases.

Yes

The depletion of natural resources uses a method similar to depreciation, allocating cost over the total estimated units.

Yes

Depreciation can be calculated using straight-line, double-declining-balance, or units-of-production methods.

Yes

Basket purchases allocate cost strictly by the absolute market values of the assets, with land always receiving 60% of the total.

Yes

MACRS depreciation uses only the straight-line method for all asset classes.

Yes

Goodwill is the excess of cost over fair value of net tangible assets acquired in a business combination.

Yes

Land is considered a long-term asset that is not depreciated.

Yes

Salvage value is used in calculating depreciation under the double-declining-balance method.

Yes

Only tangible assets are subject to depreciation; intangible assets do not get amortized.

Yes

Intangible assets with identifiable useful lives are amortized over their useful life.

Yes

You can integrate the game into an LMS compatible with LTI 1.1 or LTI 1.3 such as Canvas, Moodle, or Blackboard. This way, the scores will be automatically saved into the platform’s gradebook.

Long-Term Assets: True or False

Yes or No

About this activity

Created by

Download the paper version to play

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Yes or No

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Yes or No

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Yes or No

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Long-Term Assets: True or FalseOnline version

by JS Springman

Depreciation reduces cash flow directly in all cases.

The depletion of natural resources uses a method similar to depreciation, allocating cost over the total estimated units.

Depreciation can be calculated using straight-line, double-declining-balance, or units-of-production methods.

Basket purchases allocate cost strictly by the absolute market values of the assets, with land always receiving 60% of the total.

MACRS depreciation uses only the straight-line method for all asset classes.

Goodwill is the excess of cost over fair value of net tangible assets acquired in a business combination.

Land is considered a long-term asset that is not depreciated.

Salvage value is used in calculating depreciation under the double-declining-balance method.

Only tangible assets are subject to depreciation; intangible assets do not get amortized.

Intangible assets with identifiable useful lives are amortized over their useful life.

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