Homework Answers
Answer 7:
Correct answer is:
original cost base.
Explanation:
Fixed assets are recorded on historical cost basis.
Hence option D is correct.
Financial period assumption relates to period for performance analysis. Going concern relates to assumption that entity will remain in business for the foreseeable future. Fiscal year is 12 month period for which an entity reports.
Answer 8:
Correct answer is:
the value of an item in the output market or sale price.
Explanation:
Fair value is the sale value or value of an item in output market. Replacement cost is current price paid for an item in input market. Present value is based on discounted cash flows. Historical cost of price of item originally paid.
Hence:
Option C is correct and other options A, B and D are incorrect.
Add Answer to:
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please complete. added photos of all 7 answer choices to choose from Listed below are several...
please complete. added photos of all 7 answer choices to
choose from
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please complete. added photos of all 7 answer choices to
choose from
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