Fundamental Accounting Principles Study Set 5
Quiz 10: Long-Term Assets
Capital Expenditures Are Also Called Balance Sheet Expenditures
Capital expenditures are also called balance sheet expenditures.
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An expenditure that improves the type or amount of service an asset provides is a type of capital expenditure.
Property, plant and equipment can be disposed of by discarding, selling, or exchanging them.
The first step in accounting for an asset disposal is to calculate the gain or loss on disposal.
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