Assets acquired for long term use in the business are called ________

A. Fixed assets

B. Current assets

C. Fictitious assets

D. Liquid asset

Answer: Option A

Solution(By Examveda Team)

Fixed assets are long-term assets that a company has purchased and is using for the production of its goods and services. Fixed assets are non-current assets, meaning the assets have a useful life of more than one year. Fixed assets include property, plant, and equipment and are recorded on the balance sheet.