Which of the following is correct about stocks? Multiple Choice 340 Stocks are categorized into four broad classes: common, preferred, split and options Stocks are issued to shareholders, those who own the company Stocks are similar to cash; they are an asset for the company and should not be classified as equity I do not know Stocks are only issued by publicly traded companies, those that are listed on the major exchanges Which of the following would be considered a long-term asset? Multiple Choice 54 I do not know Payroll taxes payable Cash Inventory Equipment