True or False 1. If the land is bought for undetermined use then the such property will form part of the PAS40, Investment Property. 2. The buyer can still settle for the freight under FOB destination but such amount must be deducted from the payable to the seller. 3. The consignor earns from commission resulting from consignment transactions. 4. Intangible assets can still be valuable even if the future economic benefit is uncertain. 5. If Petron Corporation is being purchased by Shell Corporation for P100 Million when the value of the former is only )80 Million, the latter is said to record a Goodwill under Property, Plant, and Equipment. 6. The cost incurred to defend a patent forms part of the patent under intangible assets. 7. Accounts payable is usually evidenced by a promissory note issued by the client/customer