Question

which of the following pertaining to ordinary repairs is false? multiple choice they include activities such as cleaning, lubricating, and changing oil. their costs are reported as expenses on the current-period income statement. they are treated as expenses. they are expenditures to keep an asset in good operating condition. they extend the useful life of an asset beyond its original estimate by several years.

Answer 1

The false statement about ordinary repairs is that they extend the useful life of an asset by several years. Ordinary repairs are regular maintenance activities meant to keep an asset in good operating condition and are reported as expenses.

Step-by-step explanation:

The statement pertaining to ordinary repairs that is false is: they extend the useful life of an asset beyond its original estimate by several years. Ordinary repairs are regular maintenance activities such as cleaning, lubricating, and changing oil. The costs associated with these repairs are correctly reported as expenses on the current-period income statement, and they are indeed expenditures meant to keep an asset in good operating condition. However, these costs do not extend the asset's useful life beyond its original estimate by several years; this would typically characterize capital expenditures or improvements rather than ordinary repairs.