Which of the Following Assets Held by a Manufacturing Business

question 165

Multiple Choice

Which of the following assets held by a manufacturing business is a § 1231 asset?

• A) Inventory.
• B) Office furniture used in the business and held less than one year.
• C) A factory building used in the business and held more than one year.
• D) Accounts receivable.
• E) All of the above.

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Definitions:

Looting

The act of stealing goods, typically during a war or riot.

Shareholder-Managers

Individuals who both own shares in a company and actively manage its operations or participate in strategic decision-making.

Personal Credit Card Bills

Statements issued to credit card holders outlining transactions, payments due, and other account activity for a billing cycle.

Annual Report

A comprehensive report on a company's activities, financial performance, and strategy, provided yearly to shareholders and the public.