Fixed assets have a useful life longer than a year. True False
Fixed assets have a useful life longer than a year. True False
Homework Answers
Fixed assets have a useful life longer than a year.
The given statement is true. All fixed assets are purchased for use in a business for a long period of time. Fixed assets like Furniture, Equipment, Building etc., are purchased and held in the business generally for a period of more than one year. By definition, fixed assets are those assets which are held in the business for a period of more than 1 year.
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