Question

Which of these are major types of long-lived assets?

a) Tangible assets
b) Current Assets
c) Cash Intangible assets
d) Accounts Receivable

Answer 1

Tangible assets and intangible assets are the major types of long-lived assets.

Step-by-step explanation:

Tangible assets are major types of long-lived assets. These assets have physical substance and can be touched or seen. Examples of tangible assets include buildings, machinery, vehicles, and furniture. They are used by a company to generate revenue and are expected to provide future economic benefits.

Intangible assets, on the other hand, are assets that do not have physical substance but still hold value. Examples of intangible assets include patents, copyrights, trademarks, and brand names. These assets represent legal rights and are valuable to a company's operations and competitive position.

Therefore, the major types of long-lived assets are tangible assets and intangible assets.