Question: 5. The conceptual framework suggests that costs should be deferred if they create or add value to an asset. Assets are defined as . probable

5. The conceptual framework suggests that costs should be deferred if they create or add value to an asset. Assets are defined as ". probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events". We discussed three exceptions to this principle in class. Describe one of the exceptions. (10 points)

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