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Q7(19)PSB

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Financial & Managerial Accounting
Found in: Page 160
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

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 E. Current liabilities

B. Long-term investments F. Long-term liabilities

C. Plant assets G. Equity

D. Intangible assets

19. Land (used in operations)

The correct answer is C, Plant assets

See the step by step solution

Step by Step Solution

Definition of land

An asset used for operations or investment that cannot be depreciated according to accounting standards is termed as land.

Reason for choice

As land is an asset for the organization that provides benefits for the longer period of time, it should be disclosed under plant asset section of the balance sheet.

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