Asked by Talyn Rhodes on Jul 30, 2024
Verified
Land Improvements is an asset account that records improvements to land that have a limited life.
Land Improvements
An asset account that records improvements made to land; such improvements have a limited life and are subject to depreciation (examples are a driveway or fences).
Limited Life
A term often used to describe the finite existence or duration of certain entities or agreements.
- Distinguish between assets subject to depreciation and those that are not.
Verified Answer
ZK
Zybrea KnightAug 04, 2024
Final Answer :
True
Explanation :
Land Improvements account includes costs related to improvements on land such as landscaping, paving, fencing, and lighting, which are depreciable over their useful life, distinguishing them from the land itself, which is not depreciated.
Learning Objectives
- Distinguish between assets subject to depreciation and those that are not.