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What financial accounting document is land found on? (Balance Sheet, Income Statement, Statement of Retained Earnings,...

What financial accounting document is land found on? (Balance Sheet, Income Statement, Statement of Retained Earnings, etc.)

Business   Accounting   
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Answer #1

Answer: Balance Sheet

This is the statement of assets, liabilities, and equity of an organization till date. It shows financial strength in the form of fixed assets, current assets, equity, and liabilities.

Since land gives a long-term benefit to the owner, it appears in the “fixed assets” section on the balance sheet.

Other options are not correct:

Income statement: this is the statement of recurring income and expenses.

Retained earnings: this is the accumulation of net income appears from the income statement.

Cash flows statement: this reflects only cash items.

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