Question

The difference between long-term assets and short-term assets are:
Group of answer choices
A.long-term assets are closed out
b. short-term assets are closed out
c.short-term assets utilize contra accounts d.ong-term assets utilize contra account
e. none of the above are true​

Answer 1

Explanation:

longterm assets means which are used for more than one financial year

short assets means which are used for less than one financial year

Answer 2

Answer:

The long term assets are such assets that are used for long duration i.e. more than a year in the business to generate revenue whereas short term assets are those assets that are used for less than a year and generate revenue/income within one year period.