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Financial Accounting MCQs

Which of the following is a long term asset?

On a balance sheet, the value of a company's property, equipment and other capital assets expected to be used within one year.

On a balance sheet, the value of a company's property, equipment and other capital assets expected to be useable for more than one year, minus depreciation.

On an income statement, the value of a company's property, equipment and other capital assets expected to be useable for less than one year, minus depreciation.

On an income statement, the value of a company's property, equipment and other capital assets expected to be useable for more than one year, minus depreciation.

Answer

Correct Answer: On a balance sheet, the value of a company's property, equipment and other capital assets expected to be useable for more than one year, minus depreciation.

Explanation:

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