Companies have a significant amount of investment in long-lived assets, which include property, plant, and equipment (commonly referred to as plant assets); and intangible assets. We will also discuss different types of liabilities and understand how to account for and report those liabilities.
Let’s begin by talking about plant assets.
1. Can you tell us what kind of plant assets are used in any company or a place of business?
2. Do you have an estimate of the amount invested in those plant assets?
3. What are the four major categories of plant assets? Why types of assets make up each category?
4. How do we determine what the cost of a plant asset should be?
