Listed Below Are Five Terms Followed by a List of Phrases

question 67

Short Answer

Listed below are five terms followed by a list of phrases that describe or characterize the terms.Match each phrase with the best term placing the letter designating the term in the space provided.
a.Capitalize
b.Materiality
c.Repairs and maintenance
d.Addition
e.Improvement
Phrases:
_____ Occurs when we add a new major component to an existing asset.
_____ The cost of replacing a major component of an asset.
_____ Large enough to influence an investor or creditor's decision.
_____ Recording an expenditure as an asset.
_____ Expenses after acquisition that maintain a given level of benefits.

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Definitions:

Price-Inelastic

Describes a situation where the demand for a good or service changes little in response to changes in price.

Business Travelers

Individuals who travel as part of their job or business, often to attend meetings, conventions, or to conduct business with other companies.

Airline Flights

The operation of an aircraft to transport passengers or goods from one location to another.

Price Discrimination

A pricing strategy where identical or substantially similar goods or services are sold at different prices to different groups.