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:

Future Money

The concept of valuing funds scheduled to be received or paid out in the future, adjusted for time, inflation, or other financial factors.

Business Activity

Any action undertaken by individuals or companies, such as buying, selling, marketing, or production, aimed at generating income.

Marketing

Marketing encompasses the strategies and tactics companies use to identify, engage, and satisfy customers' needs and wants, thereby generating sales and fostering brand loyalty.

Separate Legal Entity

A business structure that is legally distinct from its owners, allowing it to own assets, incur liability, and conduct business in its own name.