Plant assets are:
A)Tangible assets used in the operation of a business that have a useful life of more than one accounting period.
B)Current assets.
C)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 used in the operation of a business that have a useful life of more than one accounting period. These can include buildings, machinery, equipment, and vehicles, among other things. Current assets are assets that are expected to be converted to cash within one year or one operating cycle, while assets held for sale are those that a company intends to sell in the near future. Intangible assets, on the other hand, do not have a physical existence and can include things like patents, trademarks, and goodwill. Lastly, assets with a useful life of less than one accounting period are typically classified as expenses rather than assets.

Plant Assets Are