Ordinary Repairs and Maintenance

question 222

Multiple Choice

Ordinary repairs and maintenance:

• A)are part of the asset cost of equipment and facilities.
• B)are recorded as expenses.
• C)are always recorded as liabilities.
• D)improve the asset beyond the current accounting period.

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Definitions:

Variance

A measure of the dispersion indicating how much the numbers in a data set differ from the mean of the set.

Normal Distribution

A symmetric, bell-shaped distribution of data where most of the observations cluster around the central peak and the probabilities for values further away from the mean taper off equally in both directions.

Symmetric

Describes an object or figure that is identical on both sides of a central dividing line.

Probability Density Function

A function that outlines the likelihood of finding a random variable within a particular range of values.