INTERMEDIATE ACCOUNTING II (FINAL REVIEW 2024 WITH COMPLETE SOLUTION)

Which of the following cost items are building? 1. Interest cost incurred during building construction 2. Back taxes on purchased plot of land to be used for building site 3. Assessment by city for drainage system 4. Building permits 5. Landscaping shrubs planted after building has been constructed 6. Demolition costs of building on land bought for plant site 7. Interest cost incurred after completion of building construction 8. Recording fees for land 9. Architect's fees 10. Grading and filling building site 11. Parking lots 12. Fences ANS :-)- The cost items from the list that are building are: 1. Interest cost incurred during building construction 4. Building permits 9. Architect's fees Which of the following cost items are land improvements? 1. Interest cost incurred during building construction 2. Back taxes on purchased plot of land to be used for building site 3. Assessment by city for drainage system 4. Building permits 5. Landscaping shrubs planted after building has been constructed 6. Demolition costs of building on land bought for plant site 7. Interest cost incurred after completion of building construction 8. Recording fees for land 9. Architect's fees 10. Grading and filling building site 11. Parking lots 12. Fences ANS :-)- The cost items from the list that are land improvements are: 11. Parking lots 12. Fences Which of the following cost items are not land, building, or land improvements (AKA "other")? 1. Interest cost incurred during building construction 2. Back taxes on purchased plot of land to be used for building site 3. Assessment by city for drainage system 4. Building permits 5. Landscaping shrubs planted after building has been constructed 6. Demolition costs of building on land bought for plant site 7. Interest cost incurred after completion of building construction 8. Recording fees for land 9. Architect's fees 10. Grading and filling building site 11. Parking lots 12. Fences ANS :-)- The only cost item from the list that is not land, building, or land