Consider the following items:
Land
Accounts Receivable
Notes Payable (due in three years)
Accounts Payable
Retained Earnings
Prepaid Rent
Unearned Revenue
Buildings
Notes Payable (due in six months)
Equipment
How many of the items listed above are generally long-term assets?

Question

Consider the following items:
Land
Accounts Receivable
Notes Payable (due in three years)
Accounts Payable
Retained Earnings
Prepaid Rent
Unearned Revenue
Buildings
Notes Payable (due in six months)
Equipment
 How many of the items listed above are generally long-term assets?

Quizplus · Accepted Answer

Long-term assets typically include items like Land, Buildings, and Equipment, which are used over a long period and not expected to be converted into cash within a year.

Consider the Following Items