Buildings, land, and equipment are classified as b. longterm liabilities
What is a long term asset?
- Long-term assets are those that a company can expect to utilise, replace, and/or convert to cash after the regular operating cycle of at least 12 months.
- Long-term assets, like current assets, appear on the balance sheet. They represent the entirety of a company's assets.
- Each year, the portion of long-term assets consumed appears on the income statement, either as amortisation charges for tangible and intangible assets or as depletion expenses for natural resources.
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