A company's manager of finance and administration is sorting assets to create a category of those that will be consumed or used up within one year.Which of the following will be part of this category?
A) land
B) inventories
C) equipment
D) buildings

Question

Quizplus · Accepted Answer

Inventories are goods that are intended for sale or used in production and are expected to be consumed within one year. Land, equipment, and buildings are long-term assets that are not consumed within a year.

A Company's Manager of Finance and Administration Is Sorting Assets