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Classify Each of the Following Costs Associated with Long-Lived Assets

Question 247

Matching

Classify each of the following costs associated with long-lived assets as one of the following:

Premises:

Responses:

Fees paid to architect to design new office building

Buildings

Cost of insurance during the construction of new office building

Machinery and equipment

Interest on money borrowed to finance construction of new office building

Land

Sales taxes paid on new factory equipment

Land improvements

Freight costs paid on purchase of new equipment

Repairs made to used office equipment

Costs to survey a new piece of land for a new business location

Costs of government permits required to develop land for a new business location

Purchase price of land purchased for new business site

Landscaping at new business location

Premises:

Fees paid to architect to design new office building

Cost of insurance during the construction of new office building

Interest on money borrowed to finance construction of new office building

Sales taxes paid on new factory equipment

Freight costs paid on purchase of new equipment

Repairs made to used office equipment

Costs to survey a new piece of land for a new business location

Costs of government permits required to develop land for a new business location

Purchase price of land purchased for new business site

Landscaping at new business location

Responses:

Buildings

Machinery and equipment

Land

Land improvements

Correct Answer:

Premises:

Responses:

Fees paid to architect to design new office building

Cost of insurance during the construction of new office building

Interest on money borrowed to finance construction of new office building

Sales taxes paid on new factory equipment

Freight costs paid on purchase of new equipment

Repairs made to used office equipment

Costs to survey a new piece of land for a new business location

Costs of government permits required to develop land for a new business location

Purchase price of land purchased for new business site

Landscaping at new business location

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