Long-term assets are used as part of normal operations for: Select one: a. At least 60...
Long-term assets are used as part of normal operations for:
Select one:
a. At least 60 – 90 days
b. Longer than one year
c. Exactly one year
d. Less than one year
Homework Answers
Long-term assets are used as part of normal operations for Longer than one year.
Correct option is b.
Assets like land and building, Machinery and equipment, motor vehicles etc, are purchased and held in the business for using them for a long period of time, generally ranging above a time period of 1 year. Hence, these are called long term assets.
On the other hand, assets like cash, accounts receivable, prepaid expenses etc. are termed as current assets since these are used as part of normal operation for less than one year.
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