Which of the following is a CORRECT statement about long-term assets?
A)Accumulated depreciation increases the cost of property,plant,and equipment on the balance sheet.
B)Intangible assets are long-term assets with no physical form.
C)Long-term investments can never be sold by the company.
D)Other long-term assets include supplies.

Question

Quizplus · Accepted Answer

Intangible assets, such as trademarks and patents, are long-term assets with no physical form. A is incorrect because accumulated depreciation decreases the cost of property, plant, and equipment. C is incorrect because long-term investments can be sold by the company, but they typically have a longer holding period than short-term investments. D is incorrect because supplies are considered a current asset, not a long-term asset.

Which of the Following Is a CORRECT Statement About Long-Term