1 Tangible plant assets, with the exception of land, are of use to a company FOR only a limited number of years.

2 All plant assets, except land, are depreciated over their estimated useful life.

3 Plant assets are shown in the balance sheet at their book values ( or carrying values ).

4 Companies often purchase plant assets on an installment plan , or by issuing a note payable.

5 Plant assets are similar to long - term prepaid expenses.

6 Plant assets are relatively permanent, and have a useful life of more than 1 year.

7 The term plant assets (or plant and equipment) describes long-lived assets acquired for use in business operations rather than for resale to customers.

8 Plant assets comprise the largest category of assets in most balance sheets.

9 Companies often issue short-term notes payable to borrow casfl or to purchase inventory or plant assets.