Long-Term Assets Include Tangible Assets,natural Resources,and Intangible Assets

question 80

Essay

Long-term assets include tangible assets,natural resources,and intangible assets.Explain the difference between each of these types of assets and explain how each is accounted for on the income statement.

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Definitions:

Foraging Ones

Refers to individuals or groups who rely on wild food resources for survival, typically through hunting, fishing, and gathering of wild plants.

Food Crops

Plants cultivated for consumption as food by humans or livestock, such as grains, vegetables, and fruits.

Corn

A cereal plant that yields large grains, or kernels, set in rows on a cob; widely cultivated as food crops for humans and as fodder for animals.

Wheat

A cereal grain, originally from the Levant region of the Near East and Ethiopian Highlands, which is a staple food in many parts of the world.