Describe How the Reporting of Extraordinary Items Is a Good

question 42

Essay

Describe how the reporting of extraordinary items is a good example of the shift away from finite uniformity to rigid uniformity in accounting standards.

Identify the conditions under which an asset is depreciated or amortized, including leasehold improvements and intangible assets.

Understand the accounting treatment for gains, losses, and disposal of assets.

Recognize the accounting treatment for research costs and internally generated intangible assets.

Understand the methods and rationale behind disposing of property, plant, and equipment.

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Definitions:

Personal Selling

A sales method involving direct interaction between salespeople and individual customers to persuade the customer to make a purchase.

Advertising

The act of promoting products, services, or brands through various media channels to inform, attract and engage potential customers.

Personal Selling

A direct marketing approach involving face-to-face interaction between a salesperson and a potential customer to persuade them to make a purchase.

Extremely Expensive

Describing goods or services that have a very high cost, often beyond what is considered reasonable or accessible for the average consumer.