Furniture and store equipment for Rose's Boutique will be held or used for a period longer than one year, and as such are considered to be which of the following?

Question

Quizplus · Accepted Answer

Furniture and store equipment are tangible assets that are utilized for a longer period, typically more than one year, in the business operation. Therefore, they are categorized as fixed assets. Current assets are expected to be converted into cash within a year, owner's equities represent the residual interest in a company's assets, and prepaid expenses are payments made in advance for goods or services to be received in the future.

Furniture and Store Equipment for Rose's Boutique Will Be Held