Classify Each of the Following as Either a One-Time or Recurring

question 16

Essay

Classify each of the following as either a one-time or recurring costs:
training personnel
initial programming and testing
system design-one
hardware costs
software maintenance costs
site preparation
rent for facilities
data conversion from old system to new system
insurance costs
installation of original equipment
hardware upgrades

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Definitions:

Ledger

A collection of accounts in which the transactions of a business are categorized and recorded, serving as the main accounting record.

Account

A record that keeps track of financial transactions of a specific type or for a specific purpose within an organization.

General Ledger

A comprehensive record of all financial transactions that occur within a company, serving as the primary data source for the financial statements.

Financial Statements

Structured reports that detail the financial activities and conditions of a business, including balance sheet, income statement, and cash flow statement.