Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. it was discovered that the company staff mistakenl

It was discovered that the company staff mistakenly expenses off development expenditure of RM550000 in...

80.2K

Verified Solution

Question

Accounting

It was discovered that the company staff mistakenly expenses off development expenditure of RM550000 in administration expenses. The development expenditure fulfilled all requirement to be capitalized as intangible assets. However, it also discovered that the future economic benefit from the development expenditure was only RM450000. The development expenditure has useful life of 5 years.

Explain the treatment for the development expenditure.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Calculus
1.2K views

Function Yes or no Why If yes find the Domain and Range A 1 2...

Biology
1.2K views

In watermelons, bitter fruit (B) is dominant over sweet fruit (b), and yellow spots (S) are...

Programming
1.2K views

The painter Mondrian is known for paintings that are made up of rectangles of different colors...

General Management
1.2K views

Of the two, qualitative and quantitative, which would you consider to be                  descriptive and which would be...

Algebra
1.2K views

Consider the data set 30 40 50 80 100 What is the mean absolute deviation...

Accounting
1.2K views

Bank Reconciliation The bank reconciliation made by Sandler Company, a sole proprietorship, on March 31...

Accounting
1.2K views

The steps in preparing a trial balance include all of the following except totaling the...

Accounting
1.2K views

On August 1, 2020, Mark Diamond began a tour company in the Northwest Territories called...

Accounting
1.2K views

Using Ai & in downvote 40.

Accounting
1.2K views

You own a home and are thinking of doing some home repairs. This year there...

Accounting
1.2K views

If the totals of a trial balance are not equal, it could be due to:...

Accounting
1.2K views

Factor Company is planning to add a new product to its line. To manufacture this...