Final answer:
The cost of acquiring a customer list is recorded as an intangible asset because it provides future economic benefits and value to the business through potential revenue from customer relationships.
Step-by-step explanation:
The statement that the cost of acquiring a customer list from another company is recorded as an intangible asset is True. In accounting, intangible assets are non-physical assets that have a value to the business primarily because of the advantages or exclusive rights they grant to the owner. The cost of a customer list, which may include customer relationships and potential future revenue associated with these customers, is considered valuable and is often amortized over its useful life. Therefore, the cost incurred to acquire such a list is indeed recorded as an intangible asset on the balance sheet.