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The main limitation of the individual rights principle is that
Warranty Expense
Costs associated with the obligation to repair or replace products within a specified period due to defects or malfunctions, recognized as a liability on the balance sheet.
Repairs
Expenses incurred to restore an asset to a condition where it can be effectively used.
Warranty Expense
Costs incurred by a company to repair, replace, or service products due to manufacturing defects or failures during the warranty period.
Repairs
Expenditures to restore an asset to its former condition or to keep it in operable condition without increasing its life or value significantly.
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