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QUESTION 37 Patents and copyrights are Long-term assets. Current assets. Property, plant, and equipment. Intangible assets QUESTION 38 A characteristic of a plant asset is that it is used in the operations of a business. intangible. not currently used in the business but held for future use. held for sale. QUESTION 39 If a bond is issued with a contractual rate less than the market rate, the bond must be issued at a: Par Discount Premium QUESTION 40 Under the FIFO cost flow assumption during a period of rising costs, which of the following is false? Net income will be higher under FIFO than under LIFO. Cost of goods sold will be lower under FIFO than under LIFO. Ending inventory will be lower under FIFO than under LIFO. Income tax expense will be higher under FIFO than under LIFO