Classify each of the following costs associated with long-lived assets as one of the following:
-Paved parking areas at new business location
A)Land improvements
B)Buildings
C)Land
D)Machinery and equipment

Question

Quizplus · Accepted Answer

Paved parking areas are considered as land improvements, which are improvements made to land to increase its utility or enhance its value, such as adding sidewalks, parking areas, landscaping, etc.

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