Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets C. tangible assets D. intangible assets

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Answer 1

Textbook Question

Chapter 11, Problem 1MC

Property, Plant, and Equipment is considered why type of asset?

A. current assets

B. contra assets

C. tangible assets

D. intangible assets

Expert Solution & Answer

To determine

Introduction:The assets of a company are referred to as the possession or the property of a company which are either in the form of cash or can easily be converted into cash. Assets can be short-term or long-term.

To choose:The correct option.

Answer to Problem 1MC

C. Tangible assets.

Explanation of Solution

Explanation for correct answer:

Tangible assets are all those assets which have a physical existence. Tangible assets include short-term and long-term assets. The property, plant and equipment are the long-term fixed assets of a company which includes land, building, machinery and equipment. These can be seen and touched. Therefore, property, plant and equipment are considered as tangible assets.

Explanation for incorrect answers:

A. Current Assets−The current assets of a company include all those assets which are either cash or can be converted into cash within a year. The property, plant and equipment are long-term assets whose benefit can be taken for more than one year. Therefore, it is an incorrect option.

B. Contra assets −The contra assets are those assets which reduces the balance of the assets. The accumulated depreciation on property, plant and equipment is a contra asset account as it reduces its balance. Therefore, it is an incorrect option.

D. Intangible assets −Intangible assets include all those assets which do not have a physical existence such as goodwill, copyright, trademark, and patents. The property, plant, and equipment have a physical existence. Therefore, it is an incorrect option.

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Answer 2

Textbook Question

Chapter 11, Problem 1MC

Property, Plant, and Equipment is considered why type of asset?

A. current assets

B. contra assets

C. tangible assets

D. intangible assets

Expert Solution & Answer

To determine

Introduction:The assets of a company are referred to as the possession or the property of a company which are either in the form of cash or can easily be converted into cash. Assets can be short-term or long-term.

To choose:The correct option.

Answer to Problem 1MC

C. Tangible assets.

Explanation of Solution

Explanation for correct answer:

Tangible assets are all those assets which have a physical existence. Tangible assets include short-term and long-term assets. The property, plant and equipment are the long-term fixed assets of a company which includes land, building, machinery and equipment. These can be seen and touched. Therefore, property, plant and equipment are considered as tangible assets.

Explanation for incorrect answers:

A. Current Assets−The current assets of a company include all those assets which are either cash or can be converted into cash within a year. The property, plant and equipment are long-term assets whose benefit can be taken for more than one year. Therefore, it is an incorrect option.

B. Contra assets −The contra assets are those assets which reduces the balance of the assets. The accumulated depreciation on property, plant and equipment is a contra asset account as it reduces its balance. Therefore, it is an incorrect option.

D. Intangible assets −Intangible assets include all those assets which do not have a physical existence such as goodwill, copyright, trademark, and patents. The property, plant, and equipment have a physical existence. Therefore, it is an incorrect option.

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Answer 3

Textbook Question

Chapter 11, Problem 1MC

Property, Plant, and Equipment is considered why type of asset?

A. current assets

B. contra assets

C. tangible assets

D. intangible assets

Expert Solution & Answer

To determine

Introduction:The assets of a company are referred to as the possession or the property of a company which are either in the form of cash or can easily be converted into cash. Assets can be short-term or long-term.

To choose:The correct option.

Answer to Problem 1MC

C. Tangible assets.

Explanation of Solution

Explanation for correct answer:

Tangible assets are all those assets which have a physical existence. Tangible assets include short-term and long-term assets. The property, plant and equipment are the long-term fixed assets of a company which includes land, building, machinery and equipment. These can be seen and touched. Therefore, property, plant and equipment are considered as tangible assets.

Explanation for incorrect answers:

A. Current Assets−The current assets of a company include all those assets which are either cash or can be converted into cash within a year. The property, plant and equipment are long-term assets whose benefit can be taken for more than one year. Therefore, it is an incorrect option.

B. Contra assets −The contra assets are those assets which reduces the balance of the assets. The accumulated depreciation on property, plant and equipment is a contra asset account as it reduces its balance. Therefore, it is an incorrect option.

D. Intangible assets −Intangible assets include all those assets which do not have a physical existence such as goodwill, copyright, trademark, and patents. The property, plant, and equipment have a physical existence. Therefore, it is an incorrect option.

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Answer 4

Textbook Question

Chapter 11, Problem 1MC

Property, Plant, and Equipment is considered why type of asset?

A. current assets

B. contra assets

C. tangible assets

D. intangible assets

Expert Solution & Answer

To determine

Introduction:The assets of a company are referred to as the possession or the property of a company which are either in the form of cash or can easily be converted into cash. Assets can be short-term or long-term.

To choose:The correct option.

Answer to Problem 1MC

C. Tangible assets.

Explanation of Solution

Explanation for correct answer:

Tangible assets are all those assets which have a physical existence. Tangible assets include short-term and long-term assets. The property, plant and equipment are the long-term fixed assets of a company which includes land, building, machinery and equipment. These can be seen and touched. Therefore, property, plant and equipment are considered as tangible assets.

Explanation for incorrect answers:

A. Current Assets−The current assets of a company include all those assets which are either cash or can be converted into cash within a year. The property, plant and equipment are long-term assets whose benefit can be taken for more than one year. Therefore, it is an incorrect option.

B. Contra assets −The contra assets are those assets which reduces the balance of the assets. The accumulated depreciation on property, plant and equipment is a contra asset account as it reduces its balance. Therefore, it is an incorrect option.

D. Intangible assets −Intangible assets include all those assets which do not have a physical existence such as goodwill, copyright, trademark, and patents. The property, plant, and equipment have a physical existence. Therefore, it is an incorrect option.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Introduction:The assets of a company are referred to as the possession or the property of a company which are either in the form of cash or can easily be converted into cash. Assets can be short-term or long-term.

To choose:The correct option.

Answer to Problem 1MC

C. Tangible assets.

Explanation of Solution

Explanation for correct answer:

Tangible assets are all those assets which have a physical existence. Tangible assets include short-term and long-term assets. The property, plant and equipment are the long-term fixed assets of a company which includes land, building, machinery and equipment. These can be seen and touched. Therefore, property, plant and equipment are considered as tangible assets.

Explanation for incorrect answers:

A. Current Assets−The current assets of a company include all those assets which are either cash or can be converted into cash within a year. The property, plant and equipment are long-term assets whose benefit can be taken for more than one year. Therefore, it is an incorrect option.

B. Contra assets −The contra assets are those assets which reduces the balance of the assets. The accumulated depreciation on property, plant and equipment is a contra asset account as it reduces its balance. Therefore, it is an incorrect option.

D. Intangible assets −Intangible assets include all those assets which do not have a physical existence such as goodwill, copyright, trademark, and patents. The property, plant, and equipment have a physical existence. Therefore, it is an incorrect option.

Answer 8

Expert Solution & Answer

To determine

Introduction:The assets of a company are referred to as the possession or the property of a company which are either in the form of cash or can easily be converted into cash. Assets can be short-term or long-term.

To choose:The correct option.

Answer to Problem 1MC

C. Tangible assets.

Explanation of Solution

Explanation for correct answer:

Tangible assets are all those assets which have a physical existence. Tangible assets include short-term and long-term assets. The property, plant and equipment are the long-term fixed assets of a company which includes land, building, machinery and equipment. These can be seen and touched. Therefore, property, plant and equipment are considered as tangible assets.

Explanation for incorrect answers:

A. Current Assets−The current assets of a company include all those assets which are either cash or can be converted into cash within a year. The property, plant and equipment are long-term assets whose benefit can be taken for more than one year. Therefore, it is an incorrect option.

B. Contra assets −The contra assets are those assets which reduces the balance of the assets. The accumulated depreciation on property, plant and equipment is a contra asset account as it reduces its balance. Therefore, it is an incorrect option.

D. Intangible assets −Intangible assets include all those assets which do not have a physical existence such as goodwill, copyright, trademark, and patents. The property, plant, and equipment have a physical existence. Therefore, it is an incorrect option.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Introduction:The assets of a company are referred to as the possession or the property of a company which are either in the form of cash or can easily be converted into cash. Assets can be short-term or long-term.

To choose:The correct option.

Answer 12

Answer to Problem 1MC

C. Tangible assets.

Answer 13

Explanation of Solution

Explanation for correct answer:

Tangible assets are all those assets which have a physical existence. Tangible assets include short-term and long-term assets. The property, plant and equipment are the long-term fixed assets of a company which includes land, building, machinery and equipment. These can be seen and touched. Therefore, property, plant and equipment are considered as tangible assets.

Explanation for incorrect answers:

A. Current Assets−The current assets of a company include all those assets which are either cash or can be converted into cash within a year. The property, plant and equipment are long-term assets whose benefit can be taken for more than one year. Therefore, it is an incorrect option.

B. Contra assets −The contra assets are those assets which reduces the balance of the assets. The accumulated depreciation on property, plant and equipment is a contra asset account as it reduces its balance. Therefore, it is an incorrect option.

D. Intangible assets −Intangible assets include all those assets which do not have a physical existence such as goodwill, copyright, trademark, and patents. The property, plant, and equipment have a physical existence. Therefore, it is an incorrect option.

Answer 14

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Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets C. tangible assets D. intangible assets

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Answer to Problem 1MC

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