Question 1 Within the accounting system of a group of companies, the following types of expenses are incurred. Reference Types of expenses number 1 Costs of opening a new facility 2 Costs of conducting business in a new location or with 3 a new class of customer (including costs of staff training) Costs of site preparation 4 Costs of testing whether the asset is functioning properly 5 6 7 8 9 10 11 12 13 14 15 16 Electrical installation costs Costs of dismantling and removing the item and restoring the site on which it is located Administration costs Import duty of an imported machine Purchase of a five-year maintenance contract with Plant Legal fees for sales and purchase agreement for acquisition of land Interest on loan on a self constructed property after the asset is ready for use Architect fees incurred for self constructed building General overheads incurred for self constructed building Commission paid for disposal of property Cost relating to formal opening of new factory Direct labour cost for construction of buildings Required: Complete the following table by placing each expense in the correct cost classification. Cost Classification Cost of property, plant and equipment Reference Number Revenue expenses [8 marks]