Correct Answer Question: 1.2Biological assets are measured at ?(1) Fair value less costs to sell(2) Historical cost less depreciation(3) Net realizable value(4) Replacement cost

Biological assets, such as plants and animals that are used in agricultural activities, are an…

Answered: Question: 1.2 Biological assets are…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4MC: Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers...

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Sub fin accounting
Biological assets
The book value of an asset is equal to the: a. asset's market value less its historical cost b. book value relied on by secondary markets c. replacement cost of the asset d. asset's cost less accumulated depreciation
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
What is the difference between the cost of a fixed asset and its accumulated depreciation called? Group of answer choices book value current value fixed value equity value
Question Accounting
Give
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?
Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.
What is a relevant cost? Explain why depreciation on an existing asset is always irrelevant.
LO1 Depreciable cost is the difference between the original cost of the asset and its accumulated depreciation.
The book value of an asset is equal to thea. Replacement cost.b. Asset’s cost less accumulated depreciation.c. Asset’s fair value less its historical cost.d. Historical cost plus accumulated depreciation.

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Question: 1.2 Biological assets are measured at ? (1) Fair value less costs to sell (2) Historical cost less depreciation (3) Net realizable value (4) Replacement cost