Buildings and equipment that are long term in nature would be included under __________ on an organization's __________.
A) fixed assets; balance sheet
B) current assets; balance sheet
C) long-term debt; income statement
D) owners' equity; income statement
E) owners' equity; balance sheet

Question

Quizplus · Accepted Answer

Buildings and equipment that are long term in nature are referred to as fixed assets and are reported on an organization's balance sheet. Current assets, long-term debt, and owners' equity are not appropriate categories for reporting long-term fixed assets.

Buildings and Equipment That Are Long Term in Nature Would