Required Which of the following items should be classified as long-term operational assets? a. Cash b. Buildings

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Required
Which of the following items should be classified as long-term operational assets?
a. Cash
b. Buildings
c. Production machinery
d. Accounts receivable
e.
Prepaid rent
f. Franchise
g. Inventory
h. Patent
i. Tract of timber
j. Land
k. Computer
l. Goodwill
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Fundamental Financial Accounting Concepts

ISBN: 978-0078025907

9th edition

Authors: Thomas Edmonds, Christopher Edmonds

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