Land acquired so it can be resold in the future is listed in 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 classified as an investment rather than a fixed or current asset, as it is not intended to be used directly in the operations of the business. It is also not considered an intangible asset, as it is a physical asset with intrinsic value. Thus, the correct classification is an investment.

Land Acquired So It Can Be Resold in the Future