Which of the following would be classified as a long-term asset?

Question

Quizplus · Accepted Answer

Long-term assets are assets that are held by a company for more than one year, and are not intended for sale in the near future. Land is a long-term asset because it is not intended to be sold in the near future, and is expected to be held by the company for more than one year. Accounts payable, inventory, and accounts receivable are all current assets, as they are expected to be converted into cash within one year.

Which of the Following Would Be Classified as a Long-Term