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An accountant purchased a colour printer costing $1,000 for business use. The useful life of the colour printer is expected to be 5 years. The

An accountant purchased a colour printer costing $1,000 for business use. The useful life of the colour printer is expected to be 5 years. The accountant did not capitalize this expenditure as fixed asset. Give comment on this accounting practice and support your answer with reference to the most relevant accounting concept.

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