Which of the following statements is incorrect?
A)Replacement of a truck's tires would be treated as a capital expenditure.
B)The cost of replacing carpet in a building would be a revenue expenditure.
C)Cost of replacing a roof on a newly purchased building before using it as a store would be a capital expenditure.
D)The cost of repainting a hallway would be a revenue expenditure.

Question

Quizplus · Accepted Answer

Replacing the tires would be considered ordinary maintenance and repairs and is considered to be a revenue expenditure.

Which of the Following Statements Is Incorrect