When the Accumulated Depreciation Is Deducted from the Long-Term Asset

question 6

Multiple Choice

When the accumulated depreciation is deducted from the long-term asset account, the figure is known as the:

• A) market value.
• B) net realisable value.
• C) net book value.
• D) None of the above.

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Definitions:

Omission

An oversight or failure to include something, often resulting in an incomplete set of information or accounting records.

Misstatement

A false or inaccurate statement or entry, often in financial reporting or documentation.

Historical Cost

The original monetary value of an asset, reflecting its cost at the time of acquisition, without adjustments for inflation.