Plant assets are defined as:
A. Current assets.
B. Held for sale.
C. Tangible assets used in the operation of business that have a useful life of less than one accounting period.
D. Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business.
E. Intangible assets used in the operations of a business that have a useful life of more than one accounting period.
Answer: D
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Which of the following does NOT represent a change in reporting entity?
a. Changing the companies included in combined financial statements b. Disposition of a subsidiary or other business unit c. Presenting consolidated statements in place of the statements of individual companies d. Changing specific subsidiaries that constitute the group of companies for which consolidated financial statements are presented
If Morales and Rolfes Supply negotiate for the purchase and sale of a supply of fuel for a three-year period for Morales' business,
a. the contract may indicate a method for determining the price, without stating a definite price. b. Morales and Rolfes must depend on the UCC's gap-filler provisions to determine a price since the fuel is a "good" covered by Article 2 of the UCC. c. the contract price must remain the same for the entire three-year contractual period. d. their contractual requirements regarding definiteness would be the same under the UCC and the common law.
The UCC modifies the common law rule by requiring additional consideration for the modification of a contract
a. True b. False Indicate whether the statement is true or false
A firm's dividend payout ratio is calculated by ________
A) dividing cash dividend per share by its earnings per share B) dividing earnings per share by its cash dividend per share C) dividing cash dividend per share by its net income D) dividing net income by its cash dividend per share