Qualitative Assessment Is Done on the Basis of

question 133

Multiple Choice

Qualitative assessment is done on the basis of

• A) Knowledge of operating History
• B) Inspection plans
• C) Possible material deteriorations
• D) All the above

---

Definitions:

Accounts Receivable

The amounts owed to a business by its customers for sales made on credit, considered a current asset on the balance sheet.

Accounts Payable

Obligations of a business to settle short-term debt with creditors or suppliers.

Capital Gain/Loss

The increase (gain) or decrease (loss) in the value of an investment or property from its purchase price.

Depreciation Life

The estimated period over which a tangible asset is expected to be used in business operations, for the purpose of calculating depreciation.