Oakland Corp

question 152

Multiple Choice

Oakland Corp.purchased land and a building for a combined cost of $500,000.Oakland must

• A) record the $500,000 acquisition cost in an account called Land and Buildings.
• B) depreciate the $500,000 acquisition cost, less any residual value, over the expected useful life of the building.
• C) because part of the purchase involved land, record all of the cost in the Land account.
• D) allocate the $500,000 acquisition cost to separate Land and Buildings accounts based on their respective fair market values.

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Definitions:

Self-Assessment

The practice of evaluating one's own abilities, performance, or characteristics, often in the context of learning or personal development.

Constructivist

An educational theory that posits learners construct their own understanding and knowledge of the world, through experiencing things and reflecting on those experiences.

Positivist

A philosophical stance asserting that genuine knowledge is exclusively derived from sensory experience and positive verification, often associated with the empirical research methods in psychology.

Conscientious

Characterizing someone who is diligent, careful, and thorough, often with a strong sense of duty and responsibility.