TRUE TRUE FALSE FALSE TRUE FALSE FALSE TRUE Assets = Liabilities + Equity. Noncurrent Assets = PP&E + Intangible Assets +Other Noncurrent Assets. Assets are defined as a company's legal financial borrowings or obligations that arise during the course of business operations. Equity is the of value that the market places on a company's stock. Property, Plant & Equipment (PP&E) is a Noncurrent Asset. Long-term debt is a Noncurrent Liability. The process of expensing Intangible Assets over its useful life is called 'depreciation'. Intangible Assets are typically created when an entity pays more for an asset than the historical value on the prior owner's books ('book value'). Net Trade Working Capital = Current Assets + Current Liabilities. Accounts Receivable is the accrual account for an invoice not yet paid by customer. Accounts Receivable is a Current Liability. Intangible Assets is a Noncurrent Liability. Assets are defined as something valuable that an entity owns, benefits from, or has use of, in generating income. FALSE TRUE FALSE FALSE TRUE