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Plant Assets: Definition & Accounting Issues

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of these is a plant asset?

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1. Who gets ownership over improvements at the end of a leasehold improvement?

2. How is depreciation similar to paying yourself rent for an asset you already bought?

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About This Quiz & Worksheet

The multiple-choice questions in this short but effective quiz test your knowledge of the resources that can be defined as plant assets and contractual obligations of leasehold improvements. You'll also need to know about depreciation.

Quiz & Worksheet Goals

This quiz and worksheet combo will ask you to identify and explain:

  • Specific resources that are considered plant assets
  • Terms of leasehold improvement agreements
  • What depreciation is

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related accounting lesson
  • Making connections - use understanding of the concept of depreciation to compare it to something similar
  • Critical thinking - apply relevant concepts to examine information about resources that are considered assets in a different light

Additional Learning

Review more concepts regarding plant assets in the corresponding lesson titled Plant Assets: Definition & Accounting Issues. This lesson will discuss more topics, including:

  • Unique accounting protocols for company assets
  • Why employees are not considered a plant asset
  • Accounting for when a work site is under construction
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