Problem
1. Why is it difficult to determine the historical acquisition cost of self-constructed assets? Do definitions of accounting elements and general principles of recognition and measurement resolve the controversy over full absorption costing and variable costing of manufactured. inventory?
2. The limitation of the accounting classification system depicted in was referred to throughout the chapter. What is meant by this? Give some examples. Why is the accounting classification system the foundation of the accounting discipline?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.