Which of the Following Would Be Considered a Long-Term Asset

question 1

Multiple Choice

Which of the following would be considered a long-term asset?

• A)Accounts Payable
• B)Land
• C)Cash
• D)Owner's Name, Capital

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Definitions:

Audited

The process of officially inspecting an individual's or organization's accounts by an independent body to ensure accuracy and compliance with laws and regulations.

Non-cash Items

Expenses or incomes recorded in the income statement which do not involve actual cash flow, such as depreciation, stock-based compensation, or provisions.

Cash Flow

The overall aggregation of money movement into and out of a firm, essentially determining its ability to quickly mobilize assets.

Revenues

Revenue obtained through standard business activities, factoring in discounts and allowances for goods returned.