Yes, land and building is an example of asset. Land and building are considered an asset because it is an important resources with value owned by a business or entity to operate. Land and building normally falls under the category of non-current assets since they are a long-term asset that has a useful life more than 1 year. Building is under the property in non-current asset line.ASSETS
In accounting, assets are any resources with value owned by the business, company, entity or person. Assets have two categories, these are:Current AssetsNon-current Assets1. Current Assets
-these are assets that can be readily convertible to cash in a normal operating cycle of a business.Some Examples of Current AssetsCash and cash equivalentsAccounts receivableInventoryPrepaid ExpensesMarketable Securities2. Non-current Assets
-these are long-term assets or long-term investments that have a longer useful life that is usually more than 1 year. Not easily convertible to cash.Some Examples of Non-Current AssetsLandProperty, Plant and EquipmentTrademarksLong-term InvestmentsGoodwill
All fixed assets and intangible assets fall under the category of non-current assets.
What is the opposite of assets
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Land and building is considered as an asset because it is a resource/s that is owned by businesses. It is categorized as a non-current asset as it's useful and its value is usable more than the operating cycle of the business.
To further understand why land and building is an asset, just continue reading.
In accounting, assets are the resources that a company owns and has monetary value.Two types of asset:Current asset - assets that are usable or convertible to cash within a year or operating cycle of a business.Non-current asset - assets that can't be used or converted to cash within a year or operating cycle of a business.Examples of current asset:Cash and cash equivalentsARSuppliesGoods-on-processInventoriesExamples of non-current asset:LandEquipment/MachinesIntangible assets
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