A fixed asset is
A) an amount due from a customer who has purchased goods on credit.
B) an asset with long-term use or value, such as land, buildings, and equipment.
C) an expense, such as rent, that is paid before the upcoming period in which it is due.
D) an asset that can or will be converted to cash within the following year.
E) a nonphysical asset, such as a patent or trademark, that has economic value in the form of expected benefit.

Question

Quizplus · Accepted Answer

A fixed asset is an asset with long-term use or value, such as land, buildings, and equipment. It is not an amount due from a customer (A), an expense paid before the upcoming period (C), an asset that can or will be converted to cash within the following year (D), or a nonphysical asset (E).

A Fixed Asset Is