Long-lived assets that are intangible in nature, used in the operations of the business, and held for sale in the ordinary course of business are called fixed assets.

Question

Quizplus · Accepted Answer

Long-lived assets that are intangible in nature, used in the operations of the business, and held for sale in the ordinary course of business are called intangible assets, not fixed assets. Fixed assets refer to tangible long-lived assets such as buildings, equipment, and land that are used in the operations of the business.

Long-Lived Assets That Are Intangible in Nature, Used in the Operations