Assets Are Classified as Current or Long Term Based On

question 15

Multiple Choice

Assets are classified as current or long term based on:

• A) age of the asset.
• B) whether the asset is a physical good or not.
• C) the liquidity of the asset.
• D) whether the asset is based on fair market value or not.

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Definitions:

Similarities

The characteristics or qualities that make items or scenarios alike.

Differences

Variances or distinctions between two or more entities, objects, concepts, or ideas, highlighting their uniqueness.

Examples

Specific instances used to illustrate a point, concept, or method.

Use

The act of employing something for a particular purpose or in a specific manner.