Plant assets are used in operations and have useful lives that extend over more than one accounting period.

Question

Quizplus · Accepted Answer

Plant assets are long-term assets that are used in business operations and have a useful life of more than one accounting period. Examples of plant assets include buildings, equipment, and machinery. Plant assets are also known as fixed assets or property, plant, and equipment (PP&E).

Plant Assets Are Used in Operations and Have Useful Lives