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

Quizplus · Accepted Answer

Long-term assets typically include Land, Buildings, and Equipment. These are assets that are expected to provide economic benefits over a period longer than one year.

Consider the Following Items: Land