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

Question

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

Quizplus · Accepted Answer

Land, Buildings, and Equipment are generally considered long-term assets as they are expected to generate economic benefits for the company for more than one year. The other items listed may vary in classification depending on their specific terms and usage within the company's operations.

Consider the Following Items