Land purchased as a building site is a tangible asset called property,plant and equipment and is classified under the "Long-term Investments" section on the balance sheet.

Question

Quizplus · Accepted Answer

Land purchased as a building site is indeed a tangible asset and classified under property, plant, and equipment (PP&E), but it is not classified under "Long-term Investments" on the balance sheet. It is directly listed under PP&E.

Land Purchased as a Building Site Is a Tangible Asset