Final answer:
The acquisition cost of an asset includes the purchase price, transportation costs, and sales taxes, but not the ongoing operational costs after the asset is ready for use.
Step-by-step explanation:
From page 7-1 of the VLN, the acquisition cost of an asset would not include the cost incurred to operate the asset. Acquisition costs typically encompass the purchase price of the asset, any transportation or delivery costs that are necessary to get the asset ready for use, and sales taxes that are directly connected to the acquisition. However, the ongoing expenses to operate the asset after it is ready for use, such as fuel for a vehicle, electricity for machinery, or repair and maintenance costs, are not capitalized as part of the acquisition cost but are expensed as they are incurred.