Which statements describe capital expenditure ? 1 It is for an item which will last more than a year . 2 It is recorded in the income statement . 3 It is recorded in the statement of financial position

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04-03-2021
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Which statements describe capital expenditure ? 1 It is for an item which will last more than a year . 2 It is recorded in the income statement . 3 It is recorded in the statement of financial position

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Answer: 3. It is recorded in the statement of financial position

Explanation:

Capital expenditure can be defined as the expense that the organization or individual spend to purchase, and maintain the assets, goods, and services like buildings, land, vehicles, and others. It is collectively indicating towards the financial position of a person or organization. It is mentioned in the balance sheet but not in the income statement. It is important for companies to maintain assets for growth.