If a long-term plant asset is impaired,generally accepted accounting principles require the owner to adjust the carrying value downward from its book value to its fair value.

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This statement is true as per generally accepted accounting principles (GAAP). Impairment occurs when the carrying value of a long-term asset exceeds its recoverable amount, which is the higher of its fair value or value in use. In such a case, the asset's carrying value is adjusted downwards to its fair value, and this adjustment is recognized as an impairment loss in the company's income statement.

If a Long-Term Plant Asset Is Impaired,generally Accepted Accounting Principles