Define plant assets by selecting the correct statements below. (Check all that apply.) Plant assets are property, plant and equipment that are tangible. Plant assets are difficult to convert to cash quickly. Plant assets are expected to be held for less than one year. Plant assets are equipment and other assets that have a life greater than one year. Plant assets are cash and other resources that are expected to be sold, collected or used within one year.

Plant assets are property, plant and equipment that are tangible.

Plant assets are difficult to convert to cash quickly.

Plant assets are equipment and other assets that have a life greater than one year.

Explanation:

As we know that there are three kinds of assets that are as follows

1. Current assets: These assets are those which are converted into cash within one year. Like inventory, cash, account receivable etc

2. Fixed assets: These assets are those that are difficult to convert into cash and also the life of the asset is more than one year

It involves plant & machinery, furniture & fixtures, etc

3. Intangible assets: These assets are those assets that cannot be seen or even touched like copyrights, patents, trademarks, etc

Therefore the above 3 statements should be considered

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