When land is purchased to construct a new building, the cost of removing any structures on the land should be charged to the building account. The given statement is true.
A fixed asset account called "Buildings" holds the carrying value of each building that an organization owns. Building accounts includes the original purchase price plus later capitalized additions, less accumulated depreciation and any asset impairments, is the carrying amount.
Buildings, equipment, stock, land, and other physical real estate accounts are just a few examples. Real estate that is intangible cannot be touched or physically felt. Trademarks, patents, goodwill, and other intangible real estate accounts are a few examples. Building account only includes building.
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