ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Periodic Expenses are items such as insurance or vehicle registration which may be paid annually or quarterly instead of monthly. It is important to set money aside for periodic expenses and unplanned emergencies.

Detailed explanation-2: -Maintenance expenses are costs incurred for the routine maintenance of an asset to keep it in its optimal working condition. Maintenance expenses are recorded in the profit and loss account, thus reducing the profit for the year.

Detailed explanation-3: -All the expenses relating to repair and maintenance of official vehicles are booked under vehicle maintenance expenses. These vehicles include all heavy vehicles which are used for transportation of goods or employees of the business firm and light vehicles which are used by the employees of the company.

Detailed explanation-4: -Maintenance costs are the one-time or recurring costs a company incurs related to maintaining company facilities, property, vehicles or equipment. Some companies incur these costs for general or preventative maintenance that help keep their assets in proper working order.