Because Land Is Nondepreciable, It Is Always a Capital Asset

question 83

True/False

Because land is nondepreciable, it is always a capital asset.

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Definitions:

Corporation's Resources

The assets, both tangible and intangible, that a corporation has available for use in the production of goods or the provision of services.

Cost Concept

An accounting principle that states that all goods and services purchased by a business should be recorded at their cost price.

Appraisal

The process of professionally estimating the value of a property, typically performed by a certified appraiser.

Market Value

The current price at which an asset or service can be bought or sold in the open market.