Historical Cost Is the Same As

question 115

Multiple Choice

Historical cost is the same as:

• A)residual value.
• B)original cost.
• C)depreciable value.
• D)book value.

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Definitions:

F.O.B. New York

A contractual term indicating that the seller delivers goods, ready for shipment, to a specific location in New York, with the buyer assuming shipping costs and risk of loss.

Transport

The action or process of moving goods or people from one place to another.

Protective Suits

Specialized clothing designed to protect the wearer from physical harm, hazardous materials, or environmental conditions.

Shipment Contract

A legal agreement specifying that the seller will arrange for goods' transportation to a specific destination, but the risk of loss passes to the buyer once the carrier takes possession.