You have new items in your feed. Click to view.
Question and answer
What is included in the cost basis of a long-lived asset? Explain for at least two types of such assets
Both accounting models have similar recognition criteria, requiring that costs be included in the cost of the asset if future economic bene?ts are probable and can be reliably measured. [ Neither model allows the capitalization of start-up costs, general administrative and overhead costs or regular maintenance. However, both US GAAP and IFRS require that the costs of dismantling an asset and
restoring its site (that is, the costs of asset retirement under FAS 143Accounting for Asset Retirement Obligations or IAS 37) be included in the cost of the asset. Both models require a provision for asset retirement costs to be recorded when there is a legal obligation, although IFRS requires provisions in other circumstances as well. Read more: ]
Get an answer
Original conversation
User: What is included in the cost basis of a long-lived asset? Explain for at least two types of such assets

Weegy: Both accounting models have similar recognition criteria, requiring that costs be included in the cost of the asset if future economic bene?ts are probable and can be reliably measured. [ Neither model allows the capitalization of start-up costs, general administrative and overhead costs or regular maintenance. However, both US GAAP and IFRS require that the costs of dismantling an asset and restoring its site (that is, the costs of asset retirement under FAS 143Accounting for Asset Retirement Obligations or IAS 37) be included in the cost of the asset. Both models require a provision for asset retirement costs to be recorded when there is a legal obligation, although IFRS requires provisions in other circumstances as well. Read more: ]
batotoy|Points 350|

User: What sources are reliably used to estimate an asset's useful life?







Weegy: Please specify in which context you associate "asset" with. Business? Philosophy?
Expert answered|patmarone|Points 2110|

Question
Asked 11/15/2011 11:23:07 AM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
Has the concept of asset impairment changed accounting for long-lived assets under the historical cost model? If so, how?
Weegy: Both accounting models have similar recognition criteria, requiring that costs be included in the cost of the asset if future economic bene?ts are probable and can be reliably measured. [ [ Neither model allows the capitalization of start-up costs, general administrative and overhead costs or regular maintenance. However, both US GAAP and IFRS require that the costs of dismantling an asset and restoring its site (that is, the costs of asset retirement under FAS 143Accounting for Asset Retirement Obligations or IAS 37) be included in the cost of the asset. Both models require a provision for asset retirement costs to be recorded when there is a legal obligation, although IFRS requires provisions in other circumstances as well. Read more: ] ] (More)
Question
Expert Answered
Asked 11/15/2011 2:44:39 PM
0 Answers/Comments
Has the concept of asset impairment changed accounting for long-lived assets under the historical cost model? If so, how?
Weegy: no the concept of asset has not changed. (More)
Question
Expert Answered
Asked 11/15/2011 2:45:41 PM
0 Answers/Comments
26,774,138 questions answered
Popular Conversations
3r = 10 + 5s, when r = 10?
Weegy: r(r+3) = 1 User: 5x + 2y = 20, when x = 0.3? User: What is the value of a in the equation 3a + b = 54, when b ...
1/17/2017 9:50:12 AM| 3 Answers
Evaluate |5 - 15|
Weegy: 5|7 - 9| - 2; 5(2) - 2; 10 - 2 = 8 User: Evaluate |a + b - c|, given a = 5, b = -3, and c = -2
1/16/2017 5:07:37 PM| 2 Answers
Evaluate |3 - 5 + 7|
Weegy: 5 - 3x when x = -7 5 - 3(-7); = 5 - (-21); = 5 + 21; = 26 User: Evaluate 5|7 - 9| - 2 User: Evaluate |6| ...
1/16/2017 5:09:01 PM| 2 Answers
All men were given the right to vote in the Fifteenth Amendment, ...
Weegy: All men were given the right to vote in the Fifteenth Amendment, and women in the Nineteenth Amendment. ...
1/17/2017 9:22:18 AM| 2 Answers
Weegy Stuff
S
Points 284 [Total 284] Ratings 0 Comments 284 Invitations 0 Offline
S
Points 168 [Total 180] Ratings 0 Comments 168 Invitations 0 Offline
S
P
Points 159 [Total 590] Ratings 2 Comments 139 Invitations 0 Offline
S
Points 85 [Total 87] Ratings 5 Comments 35 Invitations 0 Offline
S
L
P
P
P
Points 58 [Total 4017] Ratings 0 Comments 58 Invitations 0 Offline
S
P
P
Points 53 [Total 948] Ratings 1 Comments 43 Invitations 0 Offline
S
Points 40 [Total 40] Ratings 4 Comments 0 Invitations 0 Offline
S
Points 24 [Total 96] Ratings 0 Comments 24 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.