Asked by Edith Anderson on Jun 15, 2024
Verified
Land improvements are generally debited to the Land account.
Land Improvements
Enhancements made to land such as landscaping, fencing, and paving, which extend the use and increase the property value.
- Comprehend the accounting treatment for expenses related to the acquisition and enhancement of property, plant, and equipment.
Verified Answer
AV
angle vickyJun 16, 2024
Final Answer :
False
Explanation :
Land improvements are capital expenditures and are recorded in a separate account from the Land account because they are depreciable assets, unlike land itself.
Learning Objectives
- Comprehend the accounting treatment for expenses related to the acquisition and enhancement of property, plant, and equipment.