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ACCN 2010 Chapter 9 Part 2 Notes

by: Tara Watkins

ACCN 2010 Chapter 9 Part 2 Notes ACCN 2010

Marketplace > Tulane University > Accounting > ACCN 2010 > ACCN 2010 Chapter 9 Part 2 Notes
Tara Watkins

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These notes cover the information from the last lecture for chapter 9
Financial Accounting
Christine Smith
Class Notes
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This 1 page Class Notes was uploaded by Tara Watkins on Sunday March 20, 2016. The Class Notes belongs to ACCN 2010 at Tulane University taught by Christine Smith in Spring 2016. Since its upload, it has received 23 views. For similar materials see Financial Accounting in Accounting at Tulane University.

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Date Created: 03/20/16
Accounting 2010 Chapter 9 Part 2 Notes  Subsequent Expenditures o After all costs capitalized o After the asset has started being used o How do you determine whether to debit the subsequent expenditure for the asset or expense it?  2 questions to determine which should be done  Does it extend the useful life of the asset? o If it does, capitalize the cost (debit asset)  Does it improve or enhance the quality of the output (sometimes called a betterment)? o If it does, capitalize the cost (debit asset)  If the answer to both questions is no, expense the costs o Assets should be separated if they have different assumptions  Ex. if a company owns 3 trucks and each one uses a different depreciation method or has a different intended use/output assumption, then each truck would have to be accounted for separately  Examples of subsequent expenditures o Costs that could be capitalized  Most things that increase the salvage value of the asset are costs that are capitalized  New engines for machinery  Additions such as adding a tow hitch to a truck or getting better hard drives for a company’s computers to make them faster and therefore more efficient o Costs that would be expensed  If a cost does not increase the asset’s value and is not a visible change to the asset, it’s probably an expense  Regular maintenance costs  Gas or oil for automobiles  Replacing broken parts on machines  Insurance  Car washes


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