Select all that applyLong-lived assets are ______. (Check all that apply.)Multiple select question.assets that will be used or converted to cash within 1 yearassets acquired for use over 1 or more yearsintended for immediate resalealways tangibleused by the business
Question
Select all that applyLong-lived assets are ______. (Check all that apply.)Multiple select question.assets that will be used or converted to cash within 1 yearassets acquired for use over 1 or more yearsintended for immediate resalealways tangibleused by the business
Solution
The correct answers are:
- Assets acquired for use over 1 or more years
- Used by the business
Explanation:
Long-lived assets, also known as non-current assets, are investments that a business intends to use or keep for more than one year. They are not intended for immediate resale and can be either tangible (like buildings, machinery, land) or intangible (like patents, trademarks, copyrights). They are used by the business to generate revenue.
Assets that will be used or converted to cash within 1 year are considered short-term or current assets, not long-lived assets.
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