Equipment is classified in the statement of financial position as
A) a current asset.
B) property, plant, and equipment.
C) an intangible asset.
D) a long-term investment.

Question

Quizplus · Accepted Answer

Equipment is typically classified as property, plant, and equipment (PPE) on the statement of financial position. PPE assets are long-term assets used in the production or supply of goods and services and are expected to be used for more than one year.

Equipment Is Classified in the Statement of Financial Position as