Which of the following best defines asset acquisition costs?

Asset acquisition costs specifically refer to the expenses incurred during the procurement of hardware assets. This includes the purchase price of the hardware itself and any additional costs associated with bringing the asset into service, such as shipping, installation, and initial configuration. Understanding these costs is vital for effective financial management and budgeting within hardware asset management.

The other options do not align with the definition of asset acquisition costs. For instance, hardware asset disposal costs pertain to the expenses incurred when retiring or discarding assets, while ongoing maintenance costs involve the expenses associated with keeping hardware assets operational over their lifecycle. Lastly, costs associated with software procurement refer exclusively to software rather than hardware, thereby distinguishing them from asset acquisition costs related to physical assets. Understanding these different components helps in accurately accounting for all financial aspects throughout the asset lifecycle.