The Carrying Amount of an Asset Is Equal to the

question 49

Multiple Choice

The carrying amount of an asset is equal to the

• A) asset's fair value less its original cost.
• B) asset's cost less residual value less accumulated depreciation.
• C) asset's cost less residual value.
• D) asset's cost less accumulated depreciation.

---

Definitions:

Universal Defense

A defense that is valid against all holders of a negotiable instrument, including holders in due course (HDCs) and holders with the rights of HDCs. Universal defenses are also called real defenses.

Personal Defense

Legal defenses that a defendant may use in a court of law to challenge the validity of a claim based on personal circumstances or conditions.

Agency Status

The condition of being an agent who is legally authorized to act on behalf of another person or entity, often subjected to specific responsibilities and liabilities.

Negotiable Instruments

Legal documents guaranteeing the payment of a specific amount of money, either on demand or at a set time, and which can be transferred by endorsement or delivery.