Buildings and machinery purchased for use in business are examples of

Assessment: WAEC SSCE - Commerce - 2014 (Objective) Subject: Commerce

Question 1 Report

Buildings and machinery purchased for use in business are examples of
Answer Details
Buildings and machinery purchased for use in a business are examples of fixed assets. Fixed assets are long-term assets that are not intended to be sold or converted into cash within a year. They are used in the production or supply of goods and services and are expected to generate benefits over an extended period of time. Examples of fixed assets include land, buildings, machinery, vehicles, and equipment. These assets are recorded on the balance sheet of a business at their original cost, less any accumulated depreciation.
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