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Lena [83]
3 years ago
5

Items that have a useful life of more than one year and used in the business

Business
1 answer:
djverab [1.8K]3 years ago
6 0

Answer:

They are non-current assets

Explanation:

Items that have a useful life of more than one year and used in the business are non-current assets.

<u>Non-current assets</u>

Non-current assets are assets which represent a longer-term investment and cannot be converted into cash quickly. They are likely to be held by a company for more than a year. They appear in the assets section of balance sheet.

Non-current assets include the following:

  • Land
  • Building
  • Property, plant and equipment
  • Machinery
  • Fixture and fittings

These are different from <u>current assets</u>.

<u>Current assets:</u>

Current assets represent all the assets of a company that are expected to be conveniently sold, consumed, utilized or exhausted through the standard business operations, which can lead to their conversion to a cash value over the next one year period. Since current assets is a standard item appearing in the balance sheet, the time horizon represents one year from the date shown in the heading of the company's balance sheet.

Examples of current assets include

  • Cash,
  • Cash equivalents,
  • Accounts receivable,
  • Stock inventory,
  • Marketable securities,
  • Pre-paid liabilities, and other liquid assets.

In a few jurisdictions, the term is also known as current accounts.

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