Resources that are used in operations more than one year with no physical substance are called:
A) current assets.
B) intangible assets.
C) plant assets.
D) property, plant, and equipment.

Question

Quizplus · Accepted Answer

Intangible assets are resources used in operations that have no physical substance, such as patents and trademarks. Current assets are resources that are expected to be used or converted into cash within one year, while plant assets and property, plant, and equipment are tangible assets with a useful life of more than one year.

Resources That Are Used in Operations More Than One Year