Question: Identify the correct statement concerning expenditures for repairs and maintenance and expenditures for capital improvements or betterments. Repairs and maintenance maintain the level of an

Identify the correct statement concerning expenditures for repairs and maintenance and

Identify the correct statement concerning expenditures for repairs and maintenance and expenditures for capital improvements or betterments. Repairs and maintenance maintain the level of an asset's future benefits, whereas improvements increase those benefits. Accountants generally expense repairs and maintenance and capitalize improvements. Capital improvements are generally expensed as incurred and repairs are capitalized. Both a and b are correct

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