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Cornerstones of Financial Accounti...
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Cornerstones of Financial Accounti...
What accounting concepts should be considered when evaluating the accounting for expenditures that are made for fixed assets after acquisition? Be sure to distinguish between revenue and capital expenditures.
Revenue Expenditure:
The expenditure which does not provide any increment in the benefit after it is incurred in the future to the company is known as revenue expenditure. It is to be recognized as an expense when it is incurred in the books as per the matching concept.
Capital Expenditure:
The expenditure which provides increment in the benefit after it is incurred in the future to the company is known as capital expenditure. It is to be capitalized and expensed over the time of providing benefit by such expenditure as per the matching concept.
The concept that should be considered when evaluating the accounting for expense made for assets.
The matching concept provides that the cost of asset is to be written off over the period of its life and against the benefit from such asset. The written off means for this is depreciation. This is allowed for that expenditure which are liable to be capitalized...
Chapter 7 Solutions
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