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:

Education

The process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits through various means including teaching, training, and research.

U.S. GNP

Gross National Product of the United States, which is the total market value of all final goods and services produced by residents of the country within a specific time period, regardless of production location.

American Doctor

A licensed medical practitioner in the United States qualified to diagnose and treat illnesses, injuries, and other health conditions.

Net Exports

The net trade balance of a country, calculated by subtracting its total imports from its total exports.