Question - This week we are learning about different types of assets and how they are accounted for. Capital expenditures are usually for plant assets. Plant assets are normally defined as property, plant, or equipment. They are used in operations of the business and are not for sale to customers. Many companies invest substantial amounts in these assets. The cost principle requires that the assets are recorded at cost. Why do you think this is important? What are some of the major classes of plants assets? What do you think the useful life should be for each class?