Asked by
Nestor Gonzalez
on Oct 16, 2024
Verified
The purchase of land and buildings will generally be recorded in the same ledger account.
Ledger Account
A record that keeps track of all the transactions related to a particular aspect of a business's finances, such as sales or assets.
Land And Buildings
Assets categorization in accounting, where land refers to the cost of land owned by a company and buildings to the cost of structures situated on the land.
- Identify the characteristics and treatment of different types of accounts including assets, liabilities, equity, revenues, and expenses.
Verified Answer
KE
Learning Objectives
- Identify the characteristics and treatment of different types of accounts including assets, liabilities, equity, revenues, and expenses.