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QUESTION 57 Historical cost principle does not apply to long term assets (PPE) held for disposal, the companies should report them at the lower of cost or net realizable value True O False

QUESTION 57 Historical cost principle does not apply to long term assets (PPE) held for disposal, the companies should report them at the lower of cost or net realizable value True O False

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 57 lave $5,000 in the investing section. Historical cost principle does not apply to long term assets (PPE) held for disposal, the companies should report them at the lower of cost or net realizable value. True False
Transcribed Image Text:QUESTION 57 lave $5,000 in the investing section. Historical cost principle does not apply to long term assets (PPE) held for disposal, the companies should report them at the lower of cost or net realizable value. True False
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