Astoria is using a software application to prepare the balance sheet.She wasn't sure which of the following should be included in the fixed asset category.What would you tell her?
A)Land
B)Copyrights
C)Contingency funds
D)Goodwill

Question

Quizplus · Accepted Answer

Land should be included in the fixed asset category as it is a tangible asset that has a long-term use in the business. Copyrights should be included in the intangible asset category. Contingency funds are not assets and should not be included in either category. Goodwill is an intangible asset and should be included in the intangible asset category.

Astoria Is Using a Software Application to Prepare the Balance