Ordinary repairs meet all of the following criteria except: Multiple Choice Are expenditures to keep an asset in good operating condition. Extend the useful life of an asset beyond its original estimate by several years. Are necessary if an asset is to perform to expectations over its useful life. Are treated as expenses. Include cleaning, lubricating, and normal adjusting.

The correct answer is letter "B": Extend the useful life of an asset beyond its original estimate by several years.

Explanation:

Ordinary repairs refer to routine maintenance that equipment and machinery need to work over its estimated useful life. It does not aim to extend the life of the equipment but helps meeting the estimated time a company plans to use those assets. In accounting terms, ordinary repairs demand to record a debit to an expense account and a credit to a cash account.

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.