Understanding Operating Assets

Descriptions of operating assets are listed below.

Required:

Identify the category of operating asset associated with each description as property, plant, and equipment; intangible assets; or natural resources.

a$.$ Naturally occurring materials that have economic value

b$.$ Tangible assets that can be seen and touched

c$.$ Do not have physical substance

d$.$ Depreciated over the accounting periods in which the asset is used and benefits are received

e$.$ Generally result from legal and contractual rights