Question

What are long-term and short-term assets?

Answer 1

Long term assets are resources that are utilized for long lengths, for example over a year in the business to produce income. Short-term assets are utilized for not exactly a year and create income/pay inside a one-year time span.

Also read:

• Difference Between Assets and Liabilities
• What Are Current Assets?
• What Is a Fixed Asset?
• Fixed Assets Vs Current Assets