Plant and machinery account type *
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Property, plant and equipment is the long-term asset or noncurrent asset section of the balance sheet that reports the tangible, long-lived assets that are used in the company's operations. These assets are commonly referred to as the company's fixed assets or plant assets.
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Thus, asset account is called a real account. There are two type of assets: Tangible assets are touchable assets such as plant, machinery, furniture, stock, cash, etc. Intangible assets are non-touchable assets such as goodwill, patent, copyrights, etc.
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