Final answer:
The claim that land held for sale is included in property, plant, and equipment is false. These assets are intended for use in business operations, and land held for sale is treated as inventory or an investment, depending on its intended purpose.
Step-by-step explanation:
The statement that assets classified as property, plant, and equipment include machinery, equipment, and land held for sale is False. Property, plant, and equipment, commonly known as fixed assets, are tangible assets that a company intends to use for more than one accounting period and are used in operating the business, not for resale. Examples of property, plant, and equipment include lands, buildings, machinery, vehicles, furniture, and fixtures.
Land held for sale is not included in property, plant, and equipment; it is classified as inventory or a current asset if the business has the intent of selling it in the normal course of business. If the intent is to hold for investment, it might be classified differently. Therefore, while land held for operating purposes can be classified as property, plant, and equipment, land held for sale does not meet the definition of these assets and should not be included in this category.