Which of the following items should be classified as long term operational assets a Delivery van b Land used in the business c Goodwill d Cash e Filing cabinet f Tax library of accounting firm LO 1 g Prepaid insurance h Coal mine i Office equipment j Accounts receivable k Supplies l Copyright ...

Which of the following items should be classified as long-term operational assets? a. Delivery van b. Land

Question:

Which of the following items should be classified as long-term operational assets?
a. Delivery van
b. Land used in the business
c.
d. Cash
e. Filing cabinet
f. Tax library of accounting firm LO 1
g. Prepaid insurance
h. Coal mine
i. Office equipment
j.
k. Supplies
l. Copyright

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...