Resources Owned by the Company That Will Provide a Benefit

question 31

Multiple Choice

Resources owned by the company that will provide a benefit for more than one year are called:

• A)Current assets.
• B)Current liabilities.
• C)Long-term assets.
• D)Revenues.

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Definitions:

Motor Vehicle Licence

A document granting the legal permission to drive a motor vehicle on public roads.

Operating Lease

A leasing agreement allowing a lessee to use an asset, but the lease does not transfer ownership of the asset to the lessee.

Risk Of Obsolescence

The risk that a product or service will become outdated or no longer useful due to advancements in technology or changes in market preferences.

Income Tax

A tax imposed by the government on the income generated by individuals or entities, which varies according to the amount of income.