ordinary repair

(noun)

expense accrued in normal maintenance of an asset

Related Terms

Examples of ordinary repair in the following topics:

  • Operations management provides competitive advantage!

    • Toshiba needs to provide a repair service to its laptop computer customers.
    • The old approach of providing this service was cumbersome and time-consuming: (1) Customers had pick up their computers, (2) delivered the computers to Toshiba, (3) Toshiba repaired the computers, (4) picked up the repaired computers and delivered them back to the customers.
    • United Parcel Service hired, trained, and certified its own employees to repair Toshiba laptop computers.
    • The new repair process is much more efficient: (1) picks up computers from Toshiba owners, (2) repairs the computers, (3) delivers the computers back to their owners.
    • The total time to get a computer repaired is now about two days.

  • Capital Expenditures

    • Repairing an existing asset so as to improve its useful life
    • Most ordinary business expenses are clearly either expensable or capitalizable, but some expenses could be treated either way, according to the preference of the company.

  • DNA Repair

    • Repair mechanisms can correct the mistakes, but in rare cases mistakes are not corrected, leading to mutations; in other cases, repair enzymes are themselves mutated or defective.
    • Some errors are not corrected during replication, but are instead corrected after replication is completed; this type of repair is known as mismatch repair .
    • In another type of repair mechanism, nucleotide excision repair, enzymes replace incorrect bases by making a cut on both the 3' and 5' ends of the incorrect base .
    • In mismatch repair, the incorrectly-added base is detected after replication.
    • Nucleotide excision repairs thymine dimers.

  • Reporting Contingencies

    • For example, to accrue a provision for product warranty costs, assume that minor repairs cost 5% of the total product sales and an estimated 5% of products may require minor repairs within 1 year of sale.
    • Major repairs cost 20% and 1% of products may require major repairs in 3 years.
    • The provision is calculated by multiplying 5% of total product cost by 5% of products needing minor repair and then adding 20% of cost for major repair, multiplied by 1% of products needing major repair.
    • The amount for repairs occurring in year one is reported in the current liability section of the balance sheet; the portion relating to major repairs in three years is disclosed as long-term liability.
    • As the warranty claims are made, the liability account is debited and cash is credited for the cost of the repair.

  • Safety Precautions in the Household

    • Under ordinary circumstances, insulation on the live/hot and neutral wires prevents the case from being situated directly within the circuit, so that the earth/ground wire may seem like double protection.
    • With the earth/ground connection intact, the circuit breaker will trip, thus requiring appliance repair.

  • Valuing Repairs, Maintenance, and Additions

    • Such expenditures cancel a part of the existing accumulated depreciation; firms often call them extraordinary repairs.
    • Assume now that USD 6,000 in repairs expense is incurred for a plant asset that originally cost USD 40,000 and had a useful life of four years and no estimated salvage value.
    • The company capitalized the USD 6,000 that should have been charged to repairs expense in 2010.
    • The failure to perform needed repairs could lead to asset deterioration and, ultimately, asset impairment.
    • Therefore, asset repairs and maintenance are expensed on the income statement at the market value paid for the services rendered.

  • Bone Remodeling and Repair

    • Bone is remodeled through the continual replacement of old bone tissue, as well as repaired when fractured.
    • The repair tissue between the broken bone ends, the fibrocartilaginous callus, is composed of both hyaline and fibrocartilage .

  • Bone Repair

    • Bone fractures are repaired through physiological processes in the periosteum via chrondroblasts and osteoblasts.
    • Bone healing, or fracture healing, is a proliferative physiological process in which the body facilitates the repair of a bone fracture.
    • When the humerus in the upper arm is fractured and properly set, bone healing can repair the bone.

  • Learning Styles

    • A group of four city planners in Boston is working on a project to improve the methods of repairing streets.
    • Some improvements have been made including a new system of diagnosing problems and new methods of repairing the streets.
    • She also wants to use a flow chart to represent the new repair process.
    • A question and answer session could also be implemented in an attempt to answer any questions concerning the new system of diagnosing problems and new methods of repairing the streets.

  • Clinical Advances in Bone Repair

    • Advances in bone repair include osseointegration: the direct structural and functional connection between bone and an artificial implant.
    • Clinical advances in bone repair include the technique of osseointegration.