Classify Each of the Following Costs Associated with Long-Lived Assets

question 28

Multiple Choice

Classify each of the following costs associated with long-lived assets as one of the following:
-Outdoor lighting at new business location

• A)Land improvements
• B)Buildings
• C)Land
• D)Machinery and equipment

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Definitions:

Trial Balance

A bookkeeping report that lists the balances of all ledgers' accounts in two columns, debit and credit, to ensure that entries in a company’s bookkeeping system are mathematically correct.

Ledger

A comprehensive collection of all the accounts of a company, showing transactions and resulting balances.

Journal

A book or digital record used in accounting to record each financial transaction as it occurs in chronological order.

Ledger

A book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.