Which of the Following Assets Are Noncurrent

question 98

Multiple Choice

Which of the following assets are noncurrent?

• A) machinery and equipment
• B) accounts receivable
• C) inventories
• D) unearned revenues

---

Definitions:

Gross Profit

The difference between sales revenue and the cost of goods sold, representing the basic profitability of a company's core business activities.

Inventory

The total amount of goods and materials held by a company, intended for sale or used in the production of goods to be sold.

Rising Prices

A period or condition where the general level of prices for goods and services is increasing, often measured by indices such as the Consumer Price Index (CPI).

FIFO

First-In, First-Out, an inventory valuation method where goods or materials purchased first are the first to be sold or used.