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Which of outlays made subsequent to acquisition should be

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Reference no: EM132964602

Problem 1: A change in accounting estimate shall be:

a. Applied retrospectively.

b. Applied in previous and current periods only.

c. Applied in current and future periods.

d. Applied in current period only.

Problem 2: In accounting for plant assets, which of the following outlays made subsequent to acquisition should be fully expensed in the period the expenditure is made?

a. Expenditure made to increase the efficiency or effectiveness of an existing asset

b. Expenditure made to extend the useful life of an existing asset beyond the time frame originally anticipated

c. Expenditure made to maintain an existing asset so that it can function in the manner intended

d. Expenditure made to add new asset services

Problem 3: An expenditure made in connection with a machine being used by a company should be

a. expensed immediately if it merely extends the useful life but does not improve the quality.

b. expensed immediately if it merely improves the quality but does not extend the useful life.

c. capitalized if it maintains the machine in normal operating condition.

d. capitalized if it increases the quantity of units produced by the machine

 

Reference no: EM132964602

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