The difference between the balance of a fixed asset account and the related accumulated depreciation account...

Question

Question

The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed

a.book value

b.contra asset

c.historical cost

d.market value

Answer 1

Answer #1

Option A is the answer

Book value = Cost of fixed asset - Accumulated Depreciation till date.

Assets are recorded in the financial statements at their book value

Answer 2

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