Additions and Improvements

question 38

Multiple Choice

Additions and improvements

• A) occur frequently during the ownership of a long-lived asset.
• B) normally involve immaterial expenditures.
• C) increase the carrying amount of long-lived assets when incurred.
• D) typically only benefit the current accounting period.

---

Definitions:

Constitutional Amendments

Changes or additions made to the United States Constitution, requiring a specific process for approval and ratification.

Checks And Balances

A fundamental principle of the United States Constitution that ensures no single branch of government becomes too powerful, with each branch having some measure of influence over the others.

Federalist Ideas

Political beliefs advocating for a strong central government, as proposed by figures like Alexander Hamilton, emphasizing the need for a consolidated federal authority.

American Commerce

American commerce consists of all trade and business activities that take place within the United States or between the United States and international markets.