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Assets are typically recorded on the Balance Sheet at their estimated fair market value.?

1. TRUE

2. FALSE

Accounting Financial Reporting Accounting and Finance
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Question added by Mehboob Ali Laghari , Social Mobilization Team Incharge , TRDP-European Union
Date Posted: 2015/07/16
Upvote (1) Views (17) Followers (5) Answers (6) Report Question
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FITAH MOHAMED
by FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

2. FALSE

Assets are typically recorded on the Balance Sheet at their historical cost value

Shahbaz Hayder
by Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies

Option2 is the right answer.

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

The Statement mentioned is Not True.

Written down balance after Depreciation from the Book value is shown.

Imdad Hussain Rajput
by Imdad Hussain Rajput , Assistant Sales Manager , Forego

False

they are recorded as historical cost value

Joseph Aoun, CPA
by Joseph Aoun, CPA , Finance and Administration manager , Confidential

Never use the fmv for assets. The fmv is used only when u sell the asset which lead to gain or loss in the income statement

Said Shaban
by Said Shaban , Accountant , Tri State Materials Testing

The answer is No:2 - False

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