The Difference Between Cost of Fixed Assets and Accumulated Depreciation

question 125

Multiple Choice

The difference between cost of fixed assets and accumulated depreciation is referred to as:

• A) salvage value.
• B) carrying amount.
• C) fair value.
• D) net depreciation.

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Definitions:

Implied Warranties

Legal guarantees that are not explicitly stated but are assumed in transactions, indicating that a product will meet certain quality and reliability standards.

Assignor

The party in a contract who transfers their rights or interests in a property or contract to another party, known as the assignee.

Assignment

The transfer of rights, duties, or property from one party to another, often used in contexts involving contracts, leases, and various forms of personal and real property.

Delegation

The act of assigning responsibility or authority from one person to another, often used in the context of managerial roles within organizations.