What Is an Extraordinary Repair to a Building

question 43

Multiple Choice

What is an extraordinary repair to a building?

• A) It is a revenue expenditure and it is debited to an expense account.
• B) It is a capital expenditure and it is debited to an asset account.
• C) It is a capital expenditure and it is debited to an expense account.
• D) It is a revenue expenditure and may be debited to accumulated depreciation.

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Definitions:

Availability Bias

A cognitive bias that makes people overestimate the importance of information that is available to them, leading to a misrepresentation of reality.

Gambler's Fallacy

The erroneous assumption that an event occurring with greater regularity than usual in a specific timeframe will occur less often in the future, and the opposite.

System of Symbols

A structured set of symbols or signs used for communication or representation within a cultural or computational context.

Semantics

The study of meaning in language, including the analysis of the significance of words, phrases, sentences, and symbols.