1
Question
Office building is classified as _______.
Office building is classified as _______.
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Solution
The correct option is D assets
Assets are economic resources of an enterprise that can be usefully expressed in monetary terms. Assets are items of value used by the business in its operations. For example, Super Bazar owns a fleet of trucks, which is used by it for delivering foodstuffs, thus, provides economic benefit to the enterprise. This item will be shown on the asset side of the balance sheet of Super Bazar. Assets can be broadly classified into two types: Fixed Assets and Current Assets.
Fixed Assets are assets held on a long-term basis, such as land, office building, machinery, plant, furniture and fixtures. These assets are used for the normal operations of the business.
Assets are economic resources of an enterprise that can be usefully expressed in monetary terms. Assets are items of value used by the business in its operations. For example, Super Bazar owns a fleet of trucks, which is used by it for delivering foodstuffs, thus, provides economic benefit to the enterprise. This item will be shown on the asset side of the balance sheet of Super Bazar. Assets can be broadly classified into two types: Fixed Assets and Current Assets.
Fixed Assets are assets held on a long-term basis, such as land, office building, machinery, plant, furniture and fixtures. These assets are used for the normal operations of the business.
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