Buildings, land, and equipment are classified as ________. question content area bottom part 1 a. current liabilities b. longter

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1 year ago

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m liabilities c. longterm assets d. current assets

1 answer:

Delvig [45] · Answer 1 · 2024-03-08T09:13:26+03:00

Buildings, land, and equipment are classified as b. longterm liabilities

<h3>What is a long term asset?</h3>

Long-term assets are those that a company can expect to utilise, replace, and/or convert to cash after the regular operating cycle of at least 12 months.
Long-term assets, like current assets, appear on the balance sheet. They represent the entirety of a company's assets.
Each year, the portion of long-term assets consumed appears on the income statement, either as amortisation charges for tangible and intangible assets or as depletion expenses for natural resources.

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