Which One of the Following Statements Is True Concerning Assets

question 137

Multiple Choice

Which one of the following statements is true concerning assets?

• A)They are recorded at market value and then adjusted for inflation.
• B)They are recorded at market value for financial reporting purposes as historical cost may be arbitrary.
• C)Accountants use the term historical cost to refer to the original cost of an asset.
• D)Assets are measured using the time-period approach.

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Definitions:

Heterozygous

Having two different alleles of a particular gene, one inherited from each parent.

Sex Chromosomes

Chromosomes involved in determining the sex of an organism, with human males typically having one X and one Y chromosome, and females having two X chromosomes.

X Chromosome

One of the two sex chromosomes, which plays a crucial role in determining genetic sex and can carry genes affecting various traits and conditions.

Y Chromosome

A sex chromosome found in males that is paired with an X chromosome and determines male biological characteristics.