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How software should be treated using the definition criteria

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Reference no: EM132964638

A friend, Laura, has heard that you are studying Accounting for Managers and has asked you to help her understand an accounting issue. Laura has been running a tutoring business for the past six months. When Laura first started the business she purchased computer software at a cost of $2,000. During the past six months, Laura has found she does not now use the software nor does she expect to use it in the future. Laura can not get a refund for the software. As this software is no longer used, Laura is not sure how to record this in her business accounting records.

Problem 1: Briefly explain how this software should be treated using the definition criteria under the Conceptual Framework.

Reference no: EM132964638

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