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- What is a relevant cost? Explain why depreciation on an existing asset is always irrelevant.Which of the following concepts is violated when measuring inventories at the lower of cost and net realizable value? * The concept that assets shall not be carried at an amount in excess of its recoverable amount. O Historical cost concept O Prudence or conservatism concept Offsetting concept1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2. Provide one example of each to capitalize (record as an asset) or expense a particular cost.
- What costs should be capitalized for a self constructed asset?Explain the historical cost concept as it applies to long-term operational assets. Why is the book value of an asset likely to be different from the current market value of the asset?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.
- From the following identify the cost that is not a cost of PPE? Professional fees Nonrefundable taxes Testing the functionality of asset Value added tax Jumn toExplain the historical cost principle and discuss its advantages and disadvantages compared to other methods of accounting for assets.The amount for which an asset could be exchanged, a liability settled , or an equity instrument could be exchanged between knowledgeable parties is known as _________ a. Fair value cost principle b. Historical cost principle c. Futuristic cost principle d. Replacement cost Principle
