Unexpired Cost Homework Help

Get customized homework help now!

Unexpired Cost

An unexpired cost is a cost that is left until an item has paid for it i.e. difference between the price paid for an item and the amount of money it has generated. An unexpired cost is an asset. It is an inventory until sold for example buildings and equipments. Under an unexpired cost the future benefits remain from the ownership of an asset being used in the production process. The unexpired or the unused portion of the economic benefits from the expenditure would represent an asset for the future use. The unexpired cost is a measure that is primarily used for financial reporting within the firm. The unexpired cost of an asset is calculated as

Unexpired cost= Historical cost of an asset- accumulated depreciation

The balance sheet is a statement of unexpired costs i.e. the assets. The concept of matching revenues and expenses on the income statement is central to financial accounting. The matching concept provides a basis for deciding when the unexpired cost becomes an expired cost. The balance sheet and the income statement are two financial statements. The balance sheet is statement of unexpired costs (assets) and liabilities and the owners’ capital. The income statement is a statement of revenues and expired costs (expenses and losses).                                                                               

An unexpired cost refers to all those costs, including inventory costs and miscellaneous prepaid or deferred costs that are associated with the revenue of future periods. These unexpired costs are then carried forward to future periods as assets because they represent future benefits. The unexpired cost has the capacity to contribute in the production of revenue in the future. Inventory cost is an example of unexpired cost, as it can be sold in the subsequent years and will influence total revenue earnings of a firm.

Questions

  • What are unexpired costs?
  • What do the unexpired costs represent in the firm’s balance sheet?
  • What costs are included in the unexpired costs?



Classof1.com is a pioneer in online tutoring and homework help. Our tutors are highly qualified in their subject areas and have been helping students since 2003. For immediate Unexpired Cost homework help, use the homework-help form present on this page. You can also get help with your Unexpired Cost homework by writing to learning@classof1.com.

For instant assistance, click here to start a live-chat with us.



Cost Accounting Homework Help
Name* :
Email* :
Country* :
Phone* :
Subject* :
Attachment* :
Upload another homework (upto 5 uploads max.)
Deadline*

Type Your Questions OR Instructions Below
Type this code and send us your unexpired cost homework questions to get written lessons from expert unexpired cost tutors.
(Type Security Code - case sensitive)
By clicking on the "Get Homework Help" button, you agree to the Terms and Conditions of Classof1.
Classof1.com is a safe, secure and trusted website as certified by Norton Secure (powered by VeriSign)
About Us | Terms of Use | Privacy Policy Copyright © 2002-2014 Classof1. All rights reserved.
Live chat assistance with unexpired cost homework help
Live chat assistance with unexpired cost homework help