Land improvements are: Multiple Choice Expensed in the period incurred.
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- Land improvements are: A. Assets that increase the usefulness of land, and like land, are not depreciated. B. Assets that increase the usefulness of land, but that have a limited useful life and are subject to depreciation. C. Expensed in the period incurred. D. Also called basket purchases. E. Included in the cost of the land account.The purchase of a property that included land, building, and related improvements is called a lump-sum or basket purchase. True or False?Which costs would most likely be capitalized in the “Land Improvements” account? Costs associated with clearing the land for its intended business use Costs associated with paving and fencing on the land Costs associated with constructing a building on the land
- The systematic allocation of land's cost to expense is called depreciation. True FalseThe cost of land usually includes all of the following except: commission related to acquisition cost of survey property tax after the date of acquisition assumed by the purchaser property tax up to the date of acquisition assumed by the purchaserThe cost of land usually includes all of the following excepta. commission related to acquisitionb. cost of surveyc. property tax after the date of acquisition assumed by the purchaserd. property tax up to the date of acquisition assumed by the purchaser
- Why is depreciation expense recognized? Select one: a. To provide a better estimate of the market value of the depreciated assets. b. So that the balance sheet value of plant assets will more accurately reflect the replacement cost of the assets. c. To ensure that cash will be available at the end of the assets' useful life in order to replace it. d. To match the cost of the asset against the revenue using a reasonable allocation. method. Save AnswersNextWhich of the following statements is/are FALSE: I. Following the acquisition of an item of property, plant and equipment, subsequent expenditure for this item that will extend the asset’s useful life and increase the asset’s capacity is capitalised. II. Investment property does not get depreciated, unless it is measured at cost. III. In the statement of comprehensive income, costs can be analysed according to function or nature. Costs analysed according to function are classified into the following categories: distribution & selling costs; administrative expenses; other operating expenses (or income). IV. Because of the prudence convention, inventories are expensed in the income statement as cost of goods sold when they are sold, and not when they are bought in by the business and paid for. V. A complete set of financial statements consists of the statement of financial position, the statement of comprehensive income, the statement of changes in equity and the statement of…Land acquired so it can be resold in the future is listed on the balance sheet as a(n) a.current asset b.fixed asset c.intangible asset d.investment
- Which of the following is least likely capitalized as cost of land? Grading, filling, draining clearing and similar site development activities Survey Landscaping and similar improvements that have limited useful lives. Special assessment Subsequent to initial recognition, an entity shall use this model to account for its items of property, plant and equipment. cost model revaluation model fair value model Cost model or revaluation model as an accounting policy choice It is the systematic allocation of the depreciable amount of an asset over its estimated useful life. Depreciation Impairment Revaluation all of theseThe depreciable amount is also called the _________________. Select one alternative: carrying amount depreciable asset historical amount depreciable baseRequired: Compute the cost of land, land improvements, building, and equipment.
