This is a very general question and therefore, the answer will undoubtedly vary slightly depending on the type and size of a business. Plant assets are items or expenses that have been necessary in order to set up the business and allow it to function as a business. What may be deemed necessary for one business may not be the case for another.
Some plant assets may include the following examples:
• In a restaurant, this may include purchasing catering equipment for the kitchen including an oven and fryer for example. The business owner would also need to buy tables and chairs for paying customers.
• In a gym, this would include all the fitness equipment including the rowers and treadmills. It may also include changing room facilities with lockers and showers.
• In an agricultural or farm setting, this will include the actual land where the animals are kept or the crops are grown. It may include the barns for housing the animals and any other machinery needed to work the land.
Of course, this list could go on and on depending on the requirements of the business and the type of service it offers.
Generally speaking, plant assets are also referred to as 'fixed assets.' This means they are assets that are intended to have a life in excess of one year. They are bought with the intention of helping with the operation of the business and are not intended to be sold to customers. In this respect, the most common assets of this type are usually referred to as 'plant, property and equipment.'
Some plant assets may include the following examples:
• In a restaurant, this may include purchasing catering equipment for the kitchen including an oven and fryer for example. The business owner would also need to buy tables and chairs for paying customers.
• In a gym, this would include all the fitness equipment including the rowers and treadmills. It may also include changing room facilities with lockers and showers.
• In an agricultural or farm setting, this will include the actual land where the animals are kept or the crops are grown. It may include the barns for housing the animals and any other machinery needed to work the land.
Of course, this list could go on and on depending on the requirements of the business and the type of service it offers.
Generally speaking, plant assets are also referred to as 'fixed assets.' This means they are assets that are intended to have a life in excess of one year. They are bought with the intention of helping with the operation of the business and are not intended to be sold to customers. In this respect, the most common assets of this type are usually referred to as 'plant, property and equipment.'