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

The distinction between current and non-current assets is based on:Group of answer choicestheir ownership.when the asset will be turned into cash or used up.the size of the assets.the type of asset.

Intangible assets are ______.Multiple choice question.unnecessary for most major companiesall current assetslong-lived assets with no physical substance

Which of the following assets typically have a definite life and should be amortized over a period of its useful life?Select answer from the options belowa franchisea trademarkgoodwilla patent

Which of the following is a long-lived asset?Multiple choice question.Retained EarningsCashLand purchased for resale next monthLand on which to build a new store