An Ordinary Expense I.is an Expense Commonly Incurred in an Income-Producing Activity

question 74

Multiple Choice

An ordinary expense
I.is an expense commonly incurred in an income-producing activity.
II.is an expenditure that provides future benefits to an income-producing activity.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.