Question

Plant assets are: A. Held for sale. B. Tangible assets used in the operation of business that have a useful life of less than one accounting period. C. Tangible assets used in the operation of a business that have a useful life of more than one accounting period. D. Intangible assets used in the operations of a business that have a useful life of more than one accounting period. E. Current assets.

Answer 1

Answer: C : Tangible assets used in the operation of a business that have a useful life of more than one accounting period.

Explanation: Plants Assets are the tangible assets used in the operation of a business that have a useful life of more than one accounting period.

They form part of a business fixed asset and they usually have a useful life if more than one year.

They are assets that are used in producing revenue in business operations. They are recorded at costs and are depreciated annually depending on the depreciation policy of the business and over the useful life of the asset.

Plants asset can be Big generators, Big machinery etc.