Which One of the Following Should Be Classified as Land

question 48

Multiple Choice

Which one of the following should be classified as land on the balance sheet?

• A) A shed that houses the company's equipment.
• B) Mineral rights representing gold in the soil
• C) Two tracts of property that houses the company's backup computer site
• D) Sidewalks and driveways which lead to the company's office building

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Definitions:

Economic Development

The method through which a country enhances its citizens' economic, political, and social conditions.

Limited Partnership

A business arrangement where one or more partners are liable only up to the amount of their investment, while at least one partner has unlimited liability.

Perpetual Life

The concept that an entity, usually a corporation, continues to exist indefinitely until it is legally dissolved, regardless of changes in ownership or management.

Limited Liability

A legal structure where a company's owners are protected from losing more money than they have invested in the company.