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Financial Accounting MCQs

What determines if work performed on an owned building's roof is expensed?

The cost will always be expensed

The cost will always be capitalized on the balance sheet

If the work is deemed a repair that does not extend the building's life, it is expensed

If the repair cost can be deemed material to the business

Answer

Correct Answer: If the work is deemed a repair that does not extend the building's life, it is expensed

Explanation:

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