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Listed Below Are Five Terms Followed by a List of Phrases

Question 154

Matching

Listed below are five terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the best term placing the number designating the term in the space provided.

Premises:
Recording an expenditure as an asset.
Expenses after acquisition that maintain a given level of benefits.
The cost of replacing a major component of an asset.
Occurs when we add a new major component to an existing asset.
Large enough to influence an investor or creditor's decision.
Responses:
Materiality
Capitalize
Improvement
Repairs and maintenance
Addition

Correct Answer:

Recording an expenditure as an asset.
Expenses after acquisition that maintain a given level of benefits.
The cost of replacing a major component of an asset.
Occurs when we add a new major component to an existing asset.
Large enough to influence an investor or creditor's decision.
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