Select all that applyWhich of these are major types of long-lived assets? (Check all that apply.)Multiple select question.Current AssetsTangible assetsCashAccounts ReceivableIntangible assets
Question
Select all that applyWhich of these are major types of long-lived assets? (Check all that apply.)Multiple select question.Current AssetsTangible assetsCashAccounts ReceivableIntangible assets
Solution
The major types of long-lived assets from the options provided are:
- Tangible assets
- Intangible assets
Explanation:
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Tangible assets: These are physical and measurable assets that are used in a company's operations. They include property, plant, and equipment (PP&E), like buildings, machinery, and vehicles.
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Intangible assets: These are non-physical assets that have a monetary value since they represent potential revenue. Intangible assets include patents, copyrights, trademarks, and goodwill.
Current Assets, Cash, and Accounts Receivable are not considered long-lived assets. Current assets are expected to be consumed, sold, or converted into cash usually within one year, while long-lived assets have a useful life of more than one year.
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