Multiple Choice
A company has purchased a trust of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under GAAP, the land should be reported as
A) a long-term investment.
B) an intangible asset.
C) property, plant, and equipment.
D) land expense.
Correct Answer:
Verified
Correct Answer:
Verified
Q31: On September 23, Riley Company received a
Q108: Closing entries are<br>A) an optional step in
Q125: Correcting entries are made any time an
Q175: Intangible assets include each of the following
Q188: The Dividends account is a permanent account
Q189: Correcting entries will never affect statement of
Q190: Topeka Bike Company received a $920 check
Q193: An examination of the accounts of Freeman
Q195: The following information (in thousands) is for
Q196: All of the following are equity accounts