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Difference between ordinary and extraordinary repairs

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Question 1 - What is the general rule for determining the cost of operational assets? Why is the cost of a lump-sum purchase allocated to the individual assets acquired? What accounting concept justifies charging low-cost operational asset purchases immediately to an expense account instead of capitalizing the cost and allocating it over the benefit period? Why?

Question 2 - What is the difference between ordinary repairs and extraordinary repairs? Provide examples of each. What is the accounting treatment for each? Don't forget your reference to support your answer.

Reference no: EM133177274

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