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

question 61

Multiple Choice

Classify each of the following costs associated with long-lived assets as one of the following:
-Costs to survey a new piece of land for a new business location

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

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Definitions:

Price

The price anticipated, required, or paid in exchange for a particular item.

Quantity

The amount or number of a material or product available or produced.

Independent Variable

The variable causing a change in some other (dependent) variable.

Dependent Variable

A variable that changes as a consequence of a change in some other (independent) variable; the “effect” or outcome.