User: How are natural resources and the accounting for such assets different from other tangible and intangible long-lived assets?

Note: Our natural resources if not accounted properly will be scarce in the future not unlike other long lived assets. [ Although both are assets but much importance should be given to the natural resources otherwise we won't have anything to use in the future and besides men cannot make one. ]
Auto answered|Score .6889|ren15_05|Points 552|

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Weegy: The difference between current and long term assets is that current assets are converted/used within a single operating cycle (inventory, work in progress, accounts receivable, etc), [ whereas long term assets are used for multiple operating cycles (machines, buildings, etc). There are three types of long term assets: long term tangible assets, such as machines and buildings, long term intangible assets such as patents and trademarks and long term financial assets such as shares held in other companies. In this tutorial I focus on long term tangible assets. Many of the principles discussed here can be applied to intangible assets. Accounting for financial assets however, has some distinct features. I intend to discuss accounting for (long term) financial assets in a separate tutorial at a future point in time. Key points: - current assets are converted or used within a single operating cycle - long term assets are used multiple operating cycleswww.learn-accounting.com/business_accounting/L1_6_long_term_assets.php ]
Expert answered|selymi|Points 9376|