Long-term assets on the balance sheet represent assets that will last longer than one operating cycle of the business.

Question

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Long-term assets are those that are expected to provide economic benefits to a business for more than one operating cycle, usually longer than a year. They are typically recorded on the balance sheet at their historical cost or fair market value and include property, plant, and equipment, intangible assets, and investments.

Long-Term Assets on the Balance Sheet Represent Assets That Will