Define product-oriented layout.

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Explanation:

Land and Building is NOT categorized as a liability because it is a resource/s that is owned businesses, not owes. Specifically, it is categorized as a non-current asset as its value is can be used more than the normal operating cycle of a business.

To further understand why Land and Building is an asset, just continue reading.

In accounting, assets are the resources that a company owns and has monetary value.

In accounting, liabilities are the resources that a company owes to another business or people.

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Subject Economics

The correct answer among the listed choices is letter b. Other Assets normally falls under the category of non-current assets since these assets not included in the current assets. Therefore, other assets will form part of non-current assets since these are long-term assets and not readily convertible to cash.

In accounting, assets are any resources with value owned by the business, company, entity or person. These are legally owned by the business or entity.  Assets have two categories, these are:

-these are assets that can be readily convertible to cash in a normal operating cycle of a business. Normal operating cycle is within 1 year.

-these are long-term assets or long-term investments that have a longer useful life that is usually more than 1 year. Not easily convertible to cash.

All fixed assets and intangible assets fall under the category of non-current assets.

Further related topics about assets and liabilities

What is the opposite of assets

For related topics about fundamental accounting equation

Code: 11.11.3.8.