Question

Resources that are held for an extended time, such as land, buildings equipment, natural resources and patents are called __________.

• A. Long lived assets/Fixed Assets
• B. Intangible assets
• C. Wasting assets
• D. Depleting assets

Answer 1

The correct option is A Long lived assets/Fixed Assets

Any asset that is expected to be retained for more than one accounting period is long lived asset. Long lived assets usually classified into two categories: Tangible long lived assets (has a physical form) and Intangible long lived assets (lack of physical substance).