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- 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 valueAssets are usually valued at? a.Historical Cost b. Residual Value c. Net Realizable Value d. Replacement CostThe total cost of an asset less its accumulated depreciation is called: Multiple Choice Historical cost. Book value. Present value. Current (market) value. Replacement cost.
- 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?Q. How is depreciation calculated? Is depreciation a fixed cost?Residual value is: A. Also called residual value.B. Also called scrap value.C. An estimate of the asset's value at the end of its benefit period.D. A factor relevant to determining depreciation.E. All of these.
- Assets are usually valued under which basis? A. replacement costB. historical costC. net realizable valueD. present valueThe allocation of the cost of a tangible asset to expense in the periods in which the asset is used is termed as: Select one: a. Depreciation b. None of the given options c. Appreciation d. FluctuationHow is depreciation calculated? Is depreciation a fixed cost?
- An estimate of how an asset will be used up over its useful life is known as what? a. Depreciation rate b. Impairment value c. Useful life d. Salvage valueHow much is the estimated loss on asset realization?Which of the following is not an asset utilization ratio? Group of answer choices... a. Return on assets b. Average collection period c. Fixed asset turnover d.Inventory turnover