Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following statements is accurate about the Land account in financial accounting?

Land is reported as an intangible asset.

Land is recorded as a non-depreciable asset on the balance sheet.

Land is depreciated over its useful life like buildings and equipment.

Land is classified as a current asset because it can be sold quickly.

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the classification of the Land account in financial accounting. Land is considered a tangible asset, not an intangible asset, because it has physical substance and is used in operations.

Step 2: Recognize that Land is recorded as a non-depreciable asset. Unlike buildings and equipment, Land does not lose value due to wear and tear or obsolescence, so it is not depreciated.

Step 3: Clarify that Land is classified as a long-term asset (not a current asset) on the balance sheet. Current assets are expected to be converted into cash or used up within one year, whereas Land is held for long-term use in operations.

Step 4: Eliminate the incorrect statement that Land is depreciated over its useful life. Depreciation applies to assets like buildings and equipment, but Land is not subject to depreciation.

Step 5: Conclude that the accurate statement is: 'Land is recorded as a non-depreciable asset on the balance sheet.' This reflects its proper treatment in financial accounting.