Fixed assets are ______ and are found on the ______.Multiple choice question.long-lived tangible assets; balance sheetcurrent tangible assets; income statementlong-lived intangible assets; balance sheetcurrent intangible assets; income statementcurrent tangible assets; balance sheet
Question
Fixed assets are ______ and are found on the ______.Multiple choice question.long-lived tangible assets; balance sheetcurrent tangible assets; income statementlong-lived intangible assets; balance sheetcurrent intangible assets; income statementcurrent tangible assets; balance sheet
Solution
The correct answer is "long-lived tangible assets; balance sheet".
Fixed assets, also known as property, plant, and equipment (PP&E), are long-term tangible assets that a firm owns and uses in its operations to generate income. They are not expected to be consumed or converted into cash any sooner than at least one year's time. Examples of fixed assets include buildings, land, machinery, and vehicles.
These assets are found on the balance sheet, a financial statement that provides a snapshot of what a company owns (assets), what it owes (liabilities), and the shareholders' interest, at a specific point in time. Fixed assets are listed as part of a company's long-term assets on the balance sheet.
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