A cost that is recorded as an asset is ________. Group of answer choices an operating expenditure a tangible expenditure a capital expenditure an intangible expenditure
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- What amounts should be recorded as a cost of a long-term asset?Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets C. tangible assets D. intangible assetsDepreciation of a plant asset is the process of ________. A. asset valuation for statement of financial position purposes B. allocation of the assets cost to the periods of use C. fund accumulation for the replacement of the asset D. asset valuation based on current replacement cost data
- Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.Depreciation Concepts Listed below are concepts and terminology related to depreciation. Required: Match each concept with the related terminology.A capital expenditure would be: Group of answer choices added to the cost of the asset ignored subtracted from the cost of the asset an expense on the income statement
- Assets are usually valued under which basis? A. replacement costB. historical costC. net realizable valueD. present valueDescribe to Stan what it means to capitalize an expenditure. What is the general rulefor determining which costs are capitalized when property, plant, and equipment or anintangible asset is acquired?These include both tangible assets such as (b) and intangible assets such as (c). To pay for these assets, they sell (d) assets such as (e). The decision about ...
- The critical issues in accounting for tangible assets are recognising cost incurred as an expense or an asset and the measurement of initial costs and subsequent expenditure. MFRS 116 Property, Plant and Equipment provide guidance on these critical issues. Please give explanation in details and exampleAny of the following should be met for borrowing cost to be capitalized, borrowing cost are being incurred; activities necessary to prepare the asset for its intended used or sale are being undertaken; expenditures for the asset are being incurred.TRUE OR FALSEValuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of fi nancial statement elements? A . Current cost
