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Question - All large U.S. companies have policies in which all expenditures (i.e., costs) under a certain dollar amount are expense-d. Many of these costs are for assets, items that are useful to the company beyond the period in which they were purchased.
Required -
a. Explain the proper accounting treatment for costs that are expected to generate benefits in the future.
b. Explain why it might make economic sense to expense some of these items. Upon what exception to the principles of financial accounting would such a decision be based?
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ABC Company believes that it has an additional 5,000 machine hours available in the current facility before it would need to expand.
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