Long-lived tangible assets that are used in the operation of the business are called:
A) intangible assets.
B) natural resources.
C) plant assets.
D) goodwill.

Question

Quizplus · Accepted Answer

Plant assets, also known as property, plant, and equipment (PP&E), are long-lived tangible assets used in business operations, such as buildings, machinery, equipment, vehicles, furniture, and fixtures. Intangible assets refer to non-physical assets, such as patents, trademarks, copyrights, and goodwill. Natural resources are raw materials extracted from the earth, such as oil, minerals, and timber. Goodwill represents the excess of the purchase price of a business over the fair value of the net assets acquired.

Long-Lived Tangible Assets That Are Used in the Operation of the Business