Assets acquired for long term use in the business are called ________ A. Fixed assets B. Current assets C. Fictitious assets D. Liquid asset

The correct answer is: A. Fixed assets

Fixed assets are assets that are acquired for long-term use in the business. They are not intended for resale and are not used up in the normal course of business. Examples of fixed assets include land, buildings, equipment, and vehicles.

Current assets are assets that are expected to be converted into cash or used up within one year. Examples of current assets include cash, accounts receivable, inventory, and prepaid expenses.

Fictitious assets are assets that have no physical substance but have value because of the rights or privileges they convey. Examples of fictitious assets include goodwill, patents, and trademarks.

Liquid assets are assets that can be easily converted into cash. Examples of liquid assets include cash, marketable securities, and accounts receivable.

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