Property taxes accrued u
to the date of the purchase of a capital asset should be included in the recorded cost of the asset.

Question

Quizplus · Accepted Answer

Property taxes are considered part of the cost of acquiring a capital asset and should be included in the recorded cost of the asset. This is in accordance with the generally accepted accounting principles (GAAP) and helps to ensure that the cost of the asset is accurately reflected on the balance sheet.

Property Taxes Accrued U