Question Details

Land improvements are generally charged to the Land account 


TRUE OR FALSE:

1.	Land improvements are generally charged to the Land account .

	2.	Once cost is established for a capital asset, it becomes the basis of accounting for the asset unless the asset appreciates in value, in which case, market value becomes the basis for accountability.

	3.	The net book value of a capital asset is always equal to its fair market value.

	4.	Recording amortization on capital assets affects the balance sheet and the income statement.

	5.	The amortization cost of a capital asset is its original cost minus obsolescence.




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