All assets that will not be converted to cash or used up within the business's operating cycle or one year,whichever is greater,are called ________.
A) long-term assets
B) fully depreciated assets
C) current assets
D) current liabilities

Question

Quizplus · Accepted Answer

Long-term assets are those that will not be converted to cash or used up within the business's operating cycle or one year, whichever is greater. These assets are expected to provide benefits to the business for a period longer than one year. Examples of long-term assets include property, plant, and equipment, intangible assets, and investments in other companies. Choice B) fully depreciated assets refers to assets for which depreciation has been fully recorded, but this term does not refer to all non-current assets. Choice C) current assets and choice D) current liabilities refer to assets and liabilities that are expected to be converted to cash or paid off within one year, respectively.

All Assets That Will Not Be Converted to Cash or Used