Fixed assets include

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Prepare for the AAMI Small Business Management Test with flashcards and multiple choice questions; each question comes with hints and explanations. Get exam ready!

Multiple Choice

Fixed assets include

Explanation:
Fixed assets are long-term tangible assets used in the operation of the business and not intended for resale. They appear on the balance sheet as non-current assets, and most are depreciated over their useful lives. Land fits this category because it is used in the business over many years and is not normally depreciated, unlike other tangible assets that wear out or become obsolete. Cash is a current asset used for daily operations. Accounts payable is a liability, representing amounts owed to others. Inventory is a current asset consisting of goods held for sale to customers.

Fixed assets are long-term tangible assets used in the operation of the business and not intended for resale. They appear on the balance sheet as non-current assets, and most are depreciated over their useful lives. Land fits this category because it is used in the business over many years and is not normally depreciated, unlike other tangible assets that wear out or become obsolete.

Cash is a current asset used for daily operations. Accounts payable is a liability, representing amounts owed to others. Inventory is a current asset consisting of goods held for sale to customers.

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