The historical cost principle requiresthat assets be reported at their:a) Market valueb) Replacement costc) Fair valued) Original cost

Explanation of Market Value:Market value refers to the current price at which an asset can be bought…

Answered: The historical cost principle requires…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 11GI

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Assets are usually valued at? a.Historical Cost b. Residual Value c. Net Realizable Value d. Replacement Cost
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According to historical cost principle, the assets and liabilities should be reported (tick whichever apply)? a.At their market value b.At their cost of acquisition c.At their replacement value d.All of the above
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The historical cost principle requires that when assets are acquired, they be recorded at Select one: a. book value. b. appraisal value. c.market price. d. cost.
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Explain the historical cost principle and discuss its advantages and disadvantages compared to other methods of accounting for assets.
Which of the following best describes the higher of an asset's net selling price and its value in use? Select one: a. Recoverable amount b. Depreciable amount c. Revalued amount d. Carrying value
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The amount for which an asset could be exchanged, a liability settled , or an equity instrument could be exchanged between knowledgeable parties is known as _________ a. Fair value cost principle b. Historical cost principle c. Futuristic cost principle d. Replacement cost Principle
Explain the historical cost concept as it applies to long-term operational assets. Why is the book value of an asset likely to be different from the current market value of the asset?

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The historical cost principle requires that assets be reported at their: a) Market value b) Replacement cost c) Fair value d) Original cost