Resources owned by the company that will provide a benefit for more than one year are called:
A)Current assets.
B)Current liabilities.
C)Long-term assets.

Question

Quizplus · Accepted Answer

Long-term assets are resources that are expected to provide economic benefits for more than one year, such as property, plant, and equipment, and intangible assets like patents and trademarks. Current assets are resources expected to provide a benefit within one year or the operating cycle of the business, whichever is longer. Current liabilities are obligations expected to be paid within one year or the operating cycle of the business.

Resources Owned by the Company That Will Provide a Benefit