The book value ofan asset is equal to the A) asset's fair value less its historical cost B) blue book value relied on by secondary markets D) asset's cost less accumulated depreciation 19. The asset section of a classified balance sheet usually includes: A) Current assets, investments, plant assets, and intangible assets. B) Current assets, long-term assets, revenues, intangible-ts. C) Current assets, investments, plant assets, and equity D) Current liabilities, investments, plant assets, and intangible assets E) Current assets, liabilities, plant assets, and intangible assets. 20. Plant assets include A) Land. B) Land improvements C) Buildings D) Machinery and equipment E) All of the above. 21. A classified balance sheet Measures a company's ability to pay its bills on time. A) B) Organizes assets and liabilities into important subgroups C) Presents revenues, expenses, and net income. D) Reports operating, investing, and financing activities. E) Reports the effect of profit and withdrawals on owners capital. 22. The total cost of an asset less its accumulated depreciation is called: A) Historical cost. B) Book value. C) Present value. D) Current (market) value. E) Replacement cost Plant assets are: A) Tangible assets used in the operation of a business that have a useful life of more than one accounting period. 23. B) Current assets. C) Held for sale D) Intangible assets used in the operations of a business that have a useful life of more than one accounting period. Tangible assets used in the operation of business that have a useful life of less than one accounting period E) Page 4