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GarryVolchara [31]
2 years ago
13

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

.
Business
2 answers:
astraxan [27]2 years ago
8 0

Answer: False

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

Vedmedyk [2.9K]2 years ago
4 0

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.

<h3>What is an expense?</h3>

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.

For more details on expense kindly check

brainly.com/question/25530648

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d.when the services are rendered without regard to when cash is received

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Parker Company uses the perpetual inventory system. It bought merchandise on account from Beige Inc, invoice no. 342, $20,000; t
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