Which of the following would be considered a long-term asset?
A) Accounts Payable
B) Land
C) Office Supplies
D) Retained Earnings

Question

Quizplus · Accepted Answer

Land is a long-term asset as it is a fixed asset and is not intended to be sold or consumed within a year. Accounts Payable, Office Supplies, and Retained Earnings are all either liabilities or equity accounts and not considered long-term assets.

Which of the Following Would Be Considered a Long-Term Asset