True or False
1. In calculating depreciation, both plant assets cost and useful life are based on estimates.
2. All property, plant, and equipment must be depreciated for accounting purposes.
3. Ordinary repairs should be recognized as revenue expenditures when incurred.
4. Capital expenditures are costs that increase the company's investment in productive facilities.
5. Goodwill is amortized and tested at least annually for impairment.
6. Customer list has indefinite useful life.
7. The cost of a patent must be amortized over a 20 year period...