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Which classification of long-term assets is incorrect

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Problem 1: Which of the following classification of long-term assets is incorrect?

Select one:

a. Long-lived assets that are held for sale to customers but not used in normal operations are classified as merchandise inventory.
b. Tangible assets that last longer than one year and are used in normal operations are classified as part of property, plant and equipment.
c. Land that is not used for daily operations but is held for resale or future expansion is classified on the balance sheet as a long-term investment. The land holds a building that is used in normal operations.
d. None of the available choices

Reference no: EM132696913

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