Classify Each of the Following As

question 140

Multiple Choice

Classify each of the following as:
-Installing a new air conditioning system in an old building

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

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Definitions:

Stopped Payment

is an instruction given to a bank by an account holder not to pay a check or transaction previously issued or arranged, usually due to disputes, errors, or lost checks.

$1,200 Check

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or to a specified person.

Negotiable Promissory Note

A written, legally-binding promise to pay a specified sum of money either on-demand or at a set time, which can be transferred to others.