Plant assets are defined as:
A)Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business.
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 that have a useful life of more than one accounting period and are used in the operation of a business, such as equipment, buildings, and land. Current assets are assets that are expected to be turned into cash within one year, while assets held for sale are those that a company intends to sell in the near future. Intangible assets, on the other hand, are non-physical assets such as patents or copyrights, and may have a useful life of more than one accounting period. Tangible assets used in the operation of a business that have a useful life of less than one accounting period are considered to be supplies or inventory, rather than plant assets.

Plant Assets Are Defined As