Question

Plant assets are recorded at cost, which includes all expenditures necessary to get the asset in place and ready for use. All of the following would be included as part of the cost of a plant asset except:

Answer 1

Plant assets are recorded at price, which includes all expenses necessary to get the asset in place and ready for use. All of the observing would be included as part of the cost of a plant asset Shipping charges, Testing, Assembling.

Plant assets

Plant assets are long-term specified assets that are used to make or sell products and services for a firm. These assets are tangible and projected to be monetarily advantageous to a business for more than one year.

Plant assets include:

• Land (not depreciated)
• Land improvements.
• Buildings.
• Machinery and equipment.

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