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Home > Accounting > Question

Resources providing long-term benefits are called:

0
A) Current Liabilities
B) Liquid Assets
C) Current Assets
D) Fixed Assets

Correct Answer: D) Fixed Assets

• Resources acquired for long-term use in business operations are classified as Fixed Assets. • Assets expected to be consumed or converted to cash within one year are Current Assets. • Land, heavy machinery, and office buildings are classic examples of Tangible Fixed Assets. • Patents, corporate goodwill, and trademarks are heavily classified as Intangible Assets. • The systematic reduction in the recorded value of a fixed asset over time is called Depreciation.

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