Select from choices of its balance sheet classification. If the item should not appear on the balance sheet, select H.
-Value of land in excess of cost
A) Current assets
B) Long-term investments
C) Long-term assets
D) Intangible assets
E) Current liabilities
F)Noncurrent liabilities
G) Equity
H) Not appear on the balance sheet

Question

Select from choices of its balance sheet classification. If the item should not appear on the balance sheet, select H.
-Value of land in excess of cost
A) Current assets
B) Long-term investments
C) Long-term assets
D) Intangible assets
E) Current liabilities 
F)Noncurrent liabilities 
G) Equity 
H) Not appear on the balance sheet

Quizplus · Accepted Answer

The value of land in excess of cost is not recognized on the balance sheet as assets are recorded at historical cost, not at their current market value or excess value.

Select from Choices of Its Balance Sheet Classification