Resources owned by the company that will provide a benefit for more than one year are called:

Question

Quizplus · Accepted Answer

Long-term assets are resources that will provide a benefit for more than one year. Current assets are resources that are expected to be used up or turned into cash within one year, and current liabilities are debts that are expected to be paid within one year. Revenues are the amounts earned from the sale of goods and services, and do not necessarily represent resources owned by the company.

Resources Owned by the Company That Will Provide a Benefit