ACC 291 Final Exam 2017 version | Page 3

9% 7. Which of the following is not properly classified as property, plant and equipment? A truck held for resale by an automobile dealership. Land improvement, such as parking lots and fences. Building used as a factory. Land used in ordinary business operations. 8. A characteristic of a plant asset is that it is held for sale in the ordinary course of the business. used in the operations of a business. not currently used in the business but held for future use. intangible A current liability is a debt that can reasonably be expected to be paid out of cash currently on hand. within one year, or the operating cycle, whichever is longer. out of currently recognized revenues. between 6 months and 18 months 10. The 2017 financial statements of Blossom Company contain the following selected data (in millions).