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Adrian Halim
on Nov 13, 2024

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Land acquired so it can be resold in the future is listed on the balance sheet as a (n)

A) fixed asset
B) current asset
C) investment
D) intangible asset

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a specific point in time, outlining assets, liabilities, and shareholders' equity.

Current Asset

An asset that can reasonably be expected to be converted into cash, sold, or consumed within one year or the operating cycle, whichever is longer.

Fixed Asset

A fixed asset is a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income, and is not expected to be consumed or converted into cash within a year.

  • Identify the standards used to categorize assets as fixed assets.
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Sebastian MenendezNov 15, 2024
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