Question

True or false: The cost of land owned by a business is recorded in the Land account and this account is classified as an expense.

Answer 1

Answer: False

Explanation: The reason to this statement being false is because land is an asset account.

Answer 2

Its is true that the cost of land owned by a business is recorded in the Land account and this account is classified as an expense.

What is an expense?

An expense is referred to as the operating cost or capital of a business. It is all the money spent in the production process.  It is recorded in the income statement.

This includes the cost of purchasing land used for the business.

Therefore, the cost of land owned by a business is recorded in the Land account and this account is classified as an expense.

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