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Basic Question 7 of 24
Warranty is recorded as ______.
B. an actual expense on the income statement when repairs are made
C. an estimated expense on the income statement when the sale is made
A. a prepaid expense when the sale is made
B. an actual expense on the income statement when repairs are made
C. an estimated expense on the income statement when the sale is made
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I passed! I did not get a chance to tell you before the exam - but your site was excellent. I will definitely take it next year for Level II.
Tamara Schultz
Learning Outcome Statements
describe general principles of expense recognition, specific expense recognition applications, implications of expense recognition choices for financial analysis and contrast costs that are capitalized versus those that are expensed in the period in which they are incurred
CFA® 2025 Level I Curriculum, Volume 2, Module 2.