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Match the Cash Expenditures Given Below with the Appropriate Accounting

Question 245

Matching

Match the cash expenditures given below with the appropriate accounting treatment.
(Note: An individual classification may be used more than once, or not at all.)

Premises:
Acquired a piece of machinery for plant operations
Purchased a producing copper mine
Paid property taxes owed on land acquired
Paid for an oil change to a vehicle
Purchased a copyright from an author
Responses:
Record the expenditure as an asset and depreciate it.
Record the expenditure as an asset and amortize it.
Record the expenditure as an asset and deplete it.
Record the expenditure as an asset but do not systematically allocate it to expense.
Record the expenditure as an expense in the current period.
None of the above is appropriate.

Correct Answer:

Record the expenditure as an asset and depreciate it.
Record the expenditure as an asset and amortize it.
Record the expenditure as an asset and deplete it.
Record the expenditure as an asset but do not systematically allocate it to expense.
Record the expenditure as an expense in the current period.
None of the above is appropriate.
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