Land acquired so it can be resold in the future is listed on the balance sheet as a (n)
A) fixed asset
B) current asset
C) investment
D) intangible asset

Question

Quizplus · Accepted Answer

Land acquired for the purpose of resale in the future is considered an investment, as it is held for the purpose of generating profit through its eventual sale. It is not a fixed asset, as it is not being used for the company's operations, and it is not a current asset, as it is not being held for immediate sale or use. It is also not an intangible asset, as it is a physical piece of land.

Land Acquired So It Can Be Resold in the Future