Question

true or false question
the cost of land owned by a business is recorded in the land account and this account is classified as an expense.
true
false
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Explanation:

Land owned by a business is a long-term physical asset, not an expense. It is recorded in the Land account, which falls under the property, plant, and equipment (fixed assets) category on the balance sheet, not the income statement where expenses are reported.

Answer:

False