When Assets Are Contributed to a Partnership They Should Be

question 53

Multiple Choice

When assets are contributed to a partnership they should be recorded in the books of the new entity at:

• A) historic cost.
• B) book value.
• C) carrying value.
• D) fair value.

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Definitions:

Amygdala

A component of the brain's limbic system involved in emotion, particularly the processing of fear.

Brainstem

The lower part of the brain that connects the cerebrum with the spinal cord and controls vital bodily functions such as breathing, heart rate, and blood pressure.

Medulla

A region at the base of the brainstem that controls vital life-sustaining functions such as heartbeat, breathing, blood pressure, and digestion.

Neurotransmitters

Chemical messengers that transmit signals across a chemical synapse, from one neuron (nerve cell) to another 'target' neuron, muscle cell, or gland cell.