Asked by Dustin Godtfring on May 20, 2024
Verified
Land improvements are generally charged to the Land account.
Land Improvements
Enhancements to a plot of land such as landscaping, parking lots, and fences that add value but are subject to depreciation.
Land Account
A financial ledger entry that represents the value of land owned by an entity.
- Determine the expenses associated with procuring fixed assets.
Verified Answer
MB
marquel boldenMay 20, 2024
Final Answer :
False
Explanation :
Land improvements are considered separate from the land itself and should be charged to a separate account called "Land Improvements" or "Site Improvements" to accurately reflect the total cost of the property.
Learning Objectives
- Determine the expenses associated with procuring fixed assets.