Question

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets E. Current liabilities

B. Long-term investments F. Long-term liabilities

C. Plant assets G. Equity

D. Intangible assets

9. Accumulated depreciation—Trucks

Short answer

The correct answer isC, Plant assets.

Step-by-step solution

Definition of assets

An asset is a resource that provides current or future benefits to the organization; It is the resource that an organization owns in a specific accounting period.

Reason for choice

Accumulated depreciation is the cumulated amount of depreciation for any fixed asset. It is used to determine the actual book value of the purchase at the time of sale of the asset; hence it should be disclosed under the plant asset section.