Assets are generally classified as:
A)producing assets and consumable assets.
B)current assets and producing assets.
C)current assets and long-term assets.
D)long-term assets and consumable assets.

Question

Quizplus · Accepted Answer

Assets are generally classified as current assets (assets that are expected to be consumed or converted into cash within one year) and long-term assets (assets that are expected to be used for more than one year). The other options do not accurately describe the most commonly used classifications for assets.

Assets Are Generally Classified As