Classify Each of the Following As

question 187

Multiple Choice

Classify each of the following as:
-New landscaping

• A)Ordinary maintenance and repairs
• B)Asset improvements
• C)Extraordinary repairs

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Definitions:

GAAP

Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting in the U.S.

Net Realizable Value

The estimated selling price in the ordinary course of business minus the estimated costs of completion and the necessary costs to make the sale.

Replacement Cost

The current cost of replacing an asset with a similar new asset.

Working Capital

The difference between a company's current assets and current liabilities, indicating the short-term financial health and operational efficiency of the company.