Final answer:
Of the items listed, only buildings should be classified as long-term operational assets, as they provide value over many years. Inventory, while it is an asset, is not long-term as businesses seek to convert it to cash quickly. Accounts Payable is a liability and cash is a current asset, neither of which are classified as long-term operational assets.
Step-by-step explanation:
When classifying items as long-term operational assets, it is important to distinguish between assets that provide value over a long period and those that are either not assets or provide value in the short-term. The list provided includes a mix of items. Buildings would be considered long-term operational assets as they are part of the category of structures that comprises items such as homes, office buildings, shopping malls, and factories.
These are assets that provide value over a long period, often exceeding one year. In contrast, inventory represents goods produced but not yet sold, which businesses aim to convert into cash in the short term and hence would not be classified as long-term operational assets.
Accounts payable is a liability rather than an asset, representing money owed by a business to its creditors; it does not fit the classification of a long-term operational asset. Cash is considered a current asset rather than a long-term operational asset because it is used for immediate transactions and liquidity purposes, rather than providing value over the long term.