Plant assets are defined as:
A)Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business.
B)Current assets.
C)Assets held for sale.
D)Intangible assets used in the operations of a business that have a useful life of more than one accounting period.
E)Tangible assets used in the operation of business that have a useful life of less than one accounting period.

Question

Quizplus · Accepted Answer

Plant assets are tangible assets that are used in the operation of a business and have a useful life of more than one accounting period. Examples include buildings, equipment, and vehicles. Current assets are assets that are expected to be converted to cash within one year or a business cycle, while assets held for sale are assets that are being actively marketed for sale. Intangible assets, on the other hand, do not have physical substance and include items like patents, trademarks, and copyrights. Tangible assets used in the operation of a business that have a useful life of less than one accounting period are classified as supplies or inventory.

Plant Assets Are Defined As