Which of the following is included in the cost of constructing a building? a.cost of paving the parking lot b.insurance costs during construction c.cost of repairing vandalism damage during construction d.cost of removing the demolished building existing on the land when it was purchased

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24-03-2020
Business

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Which of the following is included in the cost of constructing a building? a.cost of paving the parking lot b.insurance costs during construction c.cost of repairing vandalism damage during construction d.cost of removing the demolished building existing on the land when it was purchased

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andromache andromache · Answer 1 · 2020-03-27T03:39:50+01:00

Answer:

b.insurance costs during construction

Explanation:

As we know that the building is come under the fixed assets whose life can be 10 years or more

So while constructing the building various cost is included i.e manufacturing cost which comprises of material, labor, and overhead

Plus, the insurance cost that is to be incurred during the construction period is also included

Hence, b option is correct

Parrain Parrain · Answer 2 · 2022-04-19T11:10:52+02:00

When constructing a building, an expense that is included in the cost is that of b.insurance costs during construction.

Which expenses are treated as construction costs?

When acquiring a capital asset such as a building, there will be expenses that will be capitalized with the cost of the building.

These costs relate to expenses that had to be incurred to acquire the asset. In order to safely construct the building, insurance was needed to cover the construction so this is a necessary cost and one that will be capitalized.

Find out more on capitalizing costs at https://brainly.com/question/25355478.