Final answer:
The statement is false; accumulated amortization is not an account payable but a contra asset account that reduces the value of intangible assets on the balance sheet over time.
Step-by-step explanation:
The statement that accumulated amortization is an account payable that is presented as an asset under fixed assets is false. Accumulated amortization is actually a contra asset account that is presented on the balance sheet to show the total amount of amortization that has been applied against a specific intangible asset over its useful life. This account reduces the value of the intangible asset on the balance sheet. Unlike accounts payable, which are indeed liabilities, accumulated amortization is not a liability and therefore not an account payable. Amortization itself is the process of allocating the cost of an intangible asset over the period of its useful life.