Accounting) please give answer What is the primary purpose of the systematicallocation principle?a) To distribute costs evenly over the asset's usefullifeb) To record all costs immediately as expensesc) To delay cost recognition indefinitelyd) To allocate costs only when cash is paid

Explanation of Systematic Allocation Principle: The systematic allocation principle is a fundamental…

Answered: What is the primary purpose of the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.3E

See similar textbooks

Similar questions

What is the primary purpose of the systematic allocation principle ?
Need Accurate answer
Choose the correct option
Th e valuation technique under which assets are recorded at the amount that would be received in an orderly disposal is: A . current cost.
Which of the following expenditures cannot be included in R&D costs? a. indirect costsb. intangibles purchased from othersc. personnel costsd. contract services performed for others
General Accounting
Give
Tangible assets are first recorded at: Multiple Choice cost minus residual (or salvage) value. the amount of cash paid for them. current market value or resale value. all costs to acquire them and prepare them for use.
The historical cost principle requires that assets be reported at their: a) Market value b) Replacement cost c) Fair value d) Original cost
TRUE OR FALSE The principle of historical cost states that acquired assets should be recorded at their actual cost and not at what management thinks they are worth as at reporting date.
Solve this cost accounting question
Kindly answer questions 1-3: 1.) Discretionary costs are costs that must be incurred because of past decision, contractual agreement, and government regulations. a. true b. false 2.) Product costs: a. are always expensed in the same period in which they are incurred. b. are inventoriable costs. c. vary directly with changes in cost driver. d. are always charged to an asset account in the same period in which they are incurred. 3. Controllable costs are cost items which can be regulated depending on the level of management one is in. a. True b. False b. False

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

What is the primary purpose of the systematic allocation principle? a) To distribute costs evenly over the asset's useful life b) To record all costs immediately as expenses c) To delay cost recognition indefinitely d) To allocate costs only when cash is paid