Select all that applyWhich of these are major types of long-lived assets? (Check all that apply.)Multiple select question.CashAccounts ReceivableCurrent AssetsIntangible assetsTangible assets
Question
Select all that applyWhich of these are major types of long-lived assets? (Check all that apply.)Multiple select question.CashAccounts ReceivableCurrent AssetsIntangible assetsTangible assets
Solution
The major types of long-lived assets from the options provided are:
- Intangible assets
- Tangible assets
Cash, Accounts Receivable, and Current Assets are not considered long-lived assets. Long-lived assets are those that are expected to provide economic benefits over a period longer than one year. Intangible assets include non-physical assets like patents, trademarks, copyrights, goodwill, etc. Tangible assets include physical assets like land, buildings, machinery, vehicles, etc.
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