What is REPAIRS AND MAINTENANCE EXPENSES?

The costs incurred to bring an asset back to an earlier condition or to keep the asset operating at its present condition (as opposed to improving the asset). For example, if a company truck is damaged, the cost to repair the damage is immediately debited to repairs and maintenance expense. Routine maintenance such as engine tune-ups, oil changes, radiator flushing, etc

More On This Topic



Link to This Definition
Did you find this definition of REPAIRS AND MAINTENANCE EXPENSES helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary