4) An asset with no physical form, but that has special rights to current and expected future benefits is a( A) intangible asset. B) natural resource. C) plant asset. D) fixed asset 5) If an expenditure it capitalized, it is: A) debited to an expense account. B) debited to an asset account. C) credited to an asset account D) credited to an expense account. 6) If a company expenses a cost that should have been capitalized: A) assets will be overstated in the year of the error B) net income will be understated in the year of the error. C) the financial statements will be unaffected D) revenues will be overstated 7) When computing depreciation for a plant asset, which is usually not estimated? A) Useful life and residual value B) Residual value and current market value C) historical cost of the asset D) Useful life, historical cost, and residual value