An ordinary asset may include the following, except:Select one:a.Real property of the taxpayer used in his/her trade or businessb.Depreciable properties used in the businessc.Personal property of the taxpayer used in his/her trade or businessd.Stock in trade of the taxpayer included as inventory at the end of the taxable year

Anything of economic value that the business owns.Select one:a.Liabilitiesb.Assetsc.Journald.Ledger

What category do depreciable property and realty used in a trade/business, owned for more than one year, fall under?Option     Section 1231 Assets     Ordinary Assets     Capital Assets     Intangible Assets

Inventory is classified asMultiple choice question.a revenue.a current asset.a current liability.a noncurrent asset.

Which one of the following best describes non-current assets? Group of answer choicesA. Items bought to be used in the businessB. Expensive items bought for the businessC. Items which will not wear out quicklyD. Item of long life and are not bought specifically for resale

Which one of the following assets may be classified as a non-current asset in the accounts of a business?Group of answer choicesA. A fridge in the staff kitchenB. A tax refund due next yearC. A machine on hire from another companyD. A hire purchase creditor