Plant assets, such as equipment, are reported on financial statements at their book value, thus exemplifying:

Question

Quizplus · Accepted Answer

Both accounting and bookkeeping involve the measuring and reporting of financial information, including the reporting of plant assets on financial statements at their book value. Informed judgments are also a part of accounting and bookkeeping, but the primary focus is on accurately measuring and reporting financial information.

Plant Assets, Such as Equipment, Are Reported on Financial Statements