Which of the following is a CORRECT statement about long-term assets?
A)Accumulated depreciation increases the cost of fixed assets on the balance sheet.
B)Intangible assets are long-term assets with no physical substance.
C)Long-term investments can never be sold by the company.
D)Other long-term assets include supplies.

Question

Quizplus · Accepted Answer

Intangible assets are long-term assets that lack physical substance and include items like patents, trademarks, and goodwill. Accumulated depreciation decreases the cost of fixed assets on the balance sheet, long-term investments can be sold by the company, and supplies are typically classified as current assets.

Which of the Following Is a CORRECT Statement About Long-Term