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Q7(17)PSA

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Financial & Managerial Accounting
Found in: Page 154

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Short Answer

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets

B. Long-term investments

C. Plant assets

D. Intangible assets

E. Current liabilities

F. Long-term liabilities

G. Equity

17. Land (used in operations)

The correct answer is C, Plant assets.

See the step by step solution

Step by Step Solution

Definition of Land

The land is the fixed asset the organization uses for operations or investment; the land is not allowed to be depreciated, as it does not lose value with time.

Reason of choice

As land is the resource that helps generate profits for the organization, it should be disclosed under the plant asset section of the balance sheet of a particular period.

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