When a Second-Hand Building Is Purchased Which of These Should

question 19

Multiple Choice

When a second-hand building is purchased which of these should not be debited to the building account but charged to a separate asset account?

• A) Expenditure on initial repairs to the building floor
• B) Stamp duty paid on the property purchase
• C) The cost of installing an air conditioning system
• D) Legal fees for the purchase of the property

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Definitions:

John Holland

An American psychologist renowned for developing the theory of career choice based on personality types.

Realistic

Pertaining to acknowledging and dealing with facts or situations as they truly are, without idealism.

Conventional

Adhering to established norms, standards, or traditions; often suggesting a lack of novelty or innovation.

Compliant Agents

Autonomous or semi-autonomous entities, typically in a digital context, designed to follow specific commands or rules set by users or other systems.