Costs and Assessments That Should NOT Be Charged to the Land

question 4

Multiple Choice

Costs and assessments that should NOT be charged to the land account include

• A) streets.
• B) parks.
• C) installing fences.
• D) flood prevention.

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Definitions:

Internal Control Elements

Components of a framework designed to ensure the effectiveness and efficiency of operations, reliable financial reporting, and compliance with laws and regulations.

Petty Cash Fund

A small amount of cash kept on hand for minor, immediate expenses.

Cash Controls

Financial procedures and policies that are implemented to manage and monitor cash transactions, to prevent theft, fraud, or errors.

FASB Controls

Guidelines and standards established by the Financial Accounting Standards Board (FASB) to govern the financial reporting and accounting practices of companies in the United States.