Determine whether the statement is true or false.

1. The process of expensing intangible assets over its useful life is called depreciation

2. Accounts receivable is the accrual account for an invoice not yet paid by a customer.

3. Assets are defined as something valuable that an entity owns, benefits from, or has use of, in generating income.

4. Assets are defined as a companys legal financial borrowings or obligations that arise during the course of business operations.