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State the most applicable accounting rule for each of the following situations.An accounting rule can be a principle,assumption,constraint,or information characteristic.
1.A $15 wastebasket was expensed when purchased even though it will be used for more than one year.
2.The owner of the business paid for private school tuition and did not list the amount on the books of his business.
3.Team Shirts prepares financial statements in the same manner each year.
4.South Sea's financial statements are prepared within the first week after the close of each accounting period.
5.An external auditor found receipts documenting the purchase of a computerized information system for Team Shirts.
Development Costs
These are the expenses associated with the research and development of new products or services, often considered in the valuation of a company.
Removable Ore
Ore that can be extracted and processed from a mine site for a profit.
Original Condition
The state of an asset or item as it was initially acquired or received, before any modifications, repairs, or restoration.
Impairment Loss
The amount by which the carrying amount of an asset exceeds its recoverable amount, leading to a decrease in the asset's value on the financial statements.
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