The cost of fees for insuring the title and any accrued property taxes are included in the cost of landGroup of answer choicesTrueFalse

Analyzing the Question

To determine whether the statement "The cost of fees for insuring the title and any accrued property taxes are included in the cost of land" is true or false, we need to consider the general accounting principles related to real estate and land acquisition.

Relevant Concepts

1. Cost of Land: The cost of land typically includes the purchase price and any costs necessary to get the land ready for its intended use, including legal fees, title insurance, and other related costs.
2. Accrued Property Taxes: These taxes can also be considered part of the land's cost if they were incurred before the acquisition. Such costs may be capitalized as part of the purchase price.

Analysis and Detail

1. Title Insurance Fees: These are often required during the purchase process and are generally included in the total cost of acquiring property.
2. Accrued Property Taxes: If property taxes are owed for the period leading up to the sale, they are frequently included in the overall cost as they benefit the new owner.

Verify and Summarize

Given the inclusion of both title insurance fees and accrued property taxes in the overall costs associated with acquiring land, we can conclude that the statement is true.

Final Answer

True