The only requirement an asset must meet in order for it to be recorded as property, plant, and equipment is that it have a useful life beyond one year.

Question

Quizplus · Accepted Answer

Assets classified as property, plant, and equipment must not only have a useful life beyond one year but also be used in operations and not intended for resale. They must be tangible, long-term assets used in the regular operations of a business.

The Only Requirement an Asset Must Meet in Order for It