Asked by KAPIL PATEL on May 11, 2024
Verified
Repairs made to used office equipment
A) Buildings
B) Machinery and equipment
C) Land
D) Land improvements
Repairs
Expenditures to restore equipment, machinery, or property to its previous condition or to keep it in operational status without enhancing its value or extending its life.
Office Equipment
The furniture, computers, machines, and other tools used in offices for operational purposes.
- Familiarize oneself with and execute the correct allocation of expenses towards long-term assets.
Verified Answer
RB
Rabia BilalMay 15, 2024
Final Answer :
B
Explanation :
Repairs made to used office equipment are associated with machinery and equipment, which are long-lived assets used in the production of goods and services.
Learning Objectives
- Familiarize oneself with and execute the correct allocation of expenses towards long-term assets.