The four subdivisions for plant assets are:
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The four subdivisions for plant assets are:
a. land, land improvements, buildings, and equipment
b. intangibles, land, buildings, and equipment
c. furnishings and fixtures, land, buildings, and equipment
d. property, plant, equipment, and land
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- describe the nature of the assets that compose the following categories: (a) current asset, (b) plant assetDescribe how property, plant, and equipment disposal is accounted for.Describe the common characteristics of assets classified as property, plant, and equipment and identify some assets included in this classification.
- Alternative terms for property, plant, and equipment include all of the following, except for a. Plant assets b. Fixed assets c. Long-term assets d. Operational assetsExplain the concept of cost allocation as it pertains to property, plant, and equipment and intangible assets.Define Property, plant, and equipment
- Which of the following includes only intangible assets? Group of answer choices A)Natural resources, patents, and trademarks. B)Research and development costs, franchises, and trademarks. C)Copyrights, licenses, and land. D)Leaseholds, patents and copyrights.Define property, plant, and equipment. Provide some examples.Understand accounting issues related to acquiring and valuing plant assets.
- Plant assets are recorded at historical cost. What does the historical cost of a plant asset include?The critical issues in accounting for tangible assets are recognising cost incurred as an expense or an asset and the measurement of initial costs and subsequent expenditure. MFRS 116 Property, Plant and Equipment provide guidance on these critical issues. Please give explanation in details and example