A transport company purchased a truck for RO 35, 000 to be used in the business. The manager estimates the value of the truck to be RO 45,000 in the market. If the Business follows Historical Cost concept, the amount to be recorded for the truck is O a. RO 41,000 O b. RO 26,000 RO 35,000
A transport company purchased a truck for RO 35, 000 to be used in the business. The manager estimates the value of the truck to be RO 45,000 in the market. If the Business follows Historical Cost concept, the amount to be recorded for the truck is O a. RO 41,000 O b. RO 26,000 RO 35,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:A transport company purchased a truck for RO 35, 000 to be used in the business.
The manager estimates the value of the truck to be RO 45,000 in the market. If the
Business follows Historical Cost concept, the amount to be recorded for the truck is
O a. RO 41,000
O b. RO 26,000
RO 35,000
O d. RO 1,000
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