Question

4. Assets held for continued use in the business and not meant for resale are termed as ________

Answer 1

Answer:

Fixed assets

Explanation:

Answer 2

Assets held for continued use in the business and not meant for resale are termed as FIXED ASSETS.

Explanation:

Fixed assets are those non-current assets of an enterprise which are held not be resale but with the purpose to increase its earning capacity. Fixed assets are further classified into:

(a) Tangible Assets

Assets having physical existence.

Tangible Assets are those assets which can be seen and touched ,i.e., they have physical existence . Examples of tangible assets are land, building, machinery, computer, furniture, etc.

(b) Intangible Assets

Assets not having physical existence.

Intangible Assets are those assets which cannot be seen and touched ,i.e., they do not have any physical existence . Examples of intangible assets are patents, goodwill, trademarks, Computer Software, etc.