Asked by
Otepova Dilyara
on Nov 12, 2024
Verified
The systematic allocation of land's cost to expense is called depreciation.
Depreciation
The process of allocating the cost of a tangible asset over its service life, reflecting the decrease in value over time.
Land's Cost
The purchase price of land plus any additional costs spent to put it into use, such as legal fees and land grading expenses.
- Grasp the concept of depreciation and its accounting treatment.
Verified Answer
CH
Learning Objectives
- Grasp the concept of depreciation and its accounting treatment.