Land Improvements Are

question 123

Multiple Choice

Land improvements are:

• A) Assets that increase the usefulness of land, but that have a limited useful life and are subject to depreciation.
• B) Expensed in the period incurred.
• C) Included in the cost of the land account.
• D) Assets that increase the usefulness of land, and like land, are not depreciated.
• E) Also called basket purchases.

---

Definitions:

Disbursements

Financial payments made by a business, including cash expenditures, payments on debts, or distribution of dividends.

Beginning Balance

The amount of money in a given account at the start of a financial period.

Petty Cash Fund

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

Journal Entries

The recordation of financial transactions in a company's accounting system, typically involving a debit and credit entry.