Final answer:
The two relevant phases of Asset under Construction in Asset Accounting are the Under-construction phase and the Useful life phase. Costs are accumulated during the Under-construction phase, and depreciation is recorded during the Useful life phase once the asset is in use. Therefore, correct options are 1 and 2.
Step-by-step explanation:
The two phases of Asset under Construction (AuC) that are relevant to Asset Accounting are the Under-construction phase and the Useful life phase. During the Under-construction phase, costs are accumulated and no depreciation is typically posted because the asset is not yet in use.
Once construction is complete and the asset is ready for use, it transitions to the Useful life phase where it is capitalized and depreciation begins to be recorded, reflecting the asset's wear and tear over time as it generates economic benefits.
Options 3) Assets transfer phase and 4) Accounting phase are not directly related to AuC in the context of Asset Accounting as they do not represent distinctive phases for AuC itself.
Transfer of assets refers to the movement of assets within a company or to another entity, and Accounting phase is a broad term that could refer to various accounting activities, neither of which are specific phases for AuC.