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Unformatted text preview: that are recognized in the current period include salaries, and most selling and administrative costs. 3) Some expenses are assigned to specific accounting periods on the basis symptomatic and rational allocations of asset cost. Explain the underlying rationale for recognizing expenses on this basis. Many assets provide benefits for several periods. A portion of the cost of each asset is rationally recognized as an expense each period. The allocation system should be based on the pattern of benefits anticipated. These expenses include depreciation of property and equipment, as well as amortization of intangibles....
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This note was uploaded on 05/30/2011 for the course ACC 300 taught by Professor K.snow during the Spring '09 term at Kaplan University.
- Spring '09