Classify Each of the Following As

question 218

Multiple Choice

Classify each of the following as:
-Fixing damage due to a car accident

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

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Definitions:

Cash Received

The actual amount of money received by a company during a specific period, including from sales, services, loans, investments, and other sources.

Accounts Receivable

Financial obligations of customers to a company for products or services already delivered but not settled.

Depreciation Expense

Depreciation expense is the allocated amount of the cost of a tangible asset over its useful life, recognized in accounting to account for the decrease in the asset's value over time.

Net Income

The company's remaining earnings once all costs, taxes, and expenses are deducted from its total revenues.