The Equipment Account Would Include All of the Following Costs

question 213

Multiple Choice

The Equipment account would include all of the following costs except

• A)installation costs.
• B)maintenance costs.
• C)equipment test runs.
• D)freight charges.

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Definitions:

Market Economy

An economic system where decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

National GAAP

Generally Accepted Accounting Principles specific to a country, which consist of a set of accounting standards and practices that are followed within that nation.

IFRS

International Financial Reporting Standards, a set of accounting guidelines and standards for financial reporting adopted by many countries globally.

Consolidated Financial Statements

Financial statements that represent the combined financial position and results of operations of a parent and its subsidiaries, presented as those of a single economic entity.