Question

multiple select question
select all that apply
which of the following statements is accurate about the land account?

the land account is increased on the left side of its t - account.
the land account is an asset.
the land account records the costs of purchasing an office, warehouse or store.
the land account is an expense account.
the land account is used to record the costs of land purchased by the business.
need help? review these concept resources.
read about the concept

Explanation:

• Assets have debit (left-side) increases, so Land (an asset) is increased on the T-account's left.
• Land is a long-term tangible asset, not an expense.
• Land accounts only track land costs; buildings/offices are tracked in separate building accounts, not Land.

Answer:

A. The Land account is increased on the left side of its T-account.
B. The Land account is an asset.
E. The Land account is used to record the costs of land purchased by the business.