True or False: Land is the only fixed asset that is not depreciated.

The statement that land is the only fixed asset that is not depreciated is true. This is because land does not have a limited useful life in the same way that other fixed assets, such as buildings, machinery, and vehicles, do.

Depreciation is an accounting method used to allocate the cost of a tangible asset over its useful life. Since land generally appreciates in value over time rather than depreciating, it is not subject to depreciation. This means that businesses do not record depreciation expenses related to land, and its value on the balance sheet remains unchanged unless it is sold or revalued.

In contrast, other fixed assets have a finite useful life that requires them to be depreciated to accurately reflect their declining value as they are used over time. Therefore, the assertion that land is unique in this regard is correct.