Plant and equipment are
A) liabilities used to generate net income.
B) cash and accounts receivable.
C) long-lived assets used in the production or sales of goods or services.
D) cash and assets that will be converted or used during the normal operating cycle of the company or one year, whichever is longer.

Question

Quizplus · Accepted Answer

Plant and equipment are considered long-lived assets used in the production or sales of goods or services. They are not liabilities or cash and accounts receivable, and their usefulness extends beyond the normal operating cycle.

Plant and Equipment Are