Buildings and machinery are considered to be
A)current assets.
B)fixed assets.
C)short-term assets.
D)other assets.

Question

Quizplus · Accepted Answer

Buildings and machinery are considered fixed assets because they are long-term resources used in the production of goods or services and have a useful life of more than one year. Current assets are those that are easily convertible to cash within a year, while short-term assets are also current assets but have a shorter useful life. Other assets can include intangible assets such as patents or trademarks.

Buildings and Machinery Are Considered to Be