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(Answered) Expenditures as long-lived assets,depreciable asset


Choose the correct answer and explain in one sentence why;1. Expenditures capitalized as long-lived assets generally include those expenditures that;a. are for items that have a physical life of more than a year, regardless of their cost.;b. are material and that have an economic benefit to the entity that extends beyond the current year.;c. are made for normal repairs to maintain the usefulness of the asset over a number of years.;d. are material and that have an economic benefit to the entity only in the current year.;2. When a depreciable asset is sold;a. depreciation expense is adjusted so there is no gain or loss.;b. a loss arises if the sales proceeds exceed the net book value.;c. a gain arises if the sales proceeds exceed the net book value.;d. any cash received results in a gain.
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Expenditures as long-lived assets,depreciable asset

 


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