Wize University Introduction to Financial Accounting Textbook > Long-Term Assets
Property, Plant & Equipment
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Property, Plant & Equipment
Most long-term asset fall into the category of property, plant and equipment. These assets are also referred to as fixed assets and tangible assets.
Characteristics of Property, Plant & Equipment
- Tangible: they have a physical presence
- Not easily converted to cash
- Used for period longer than 1 year
- Depreciate each year (exception: Land does not depreciate)
Most Common Property, Plant & Equipment Accounts
- Buildings
- Equipment
- Vehicles
- Land
- Machinery
- Furniture
- Leasehold Improvements