Choose the Word or Phrase in [ ] Which Will

question 115

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-A [house | certificate of deposit] is an example of a tangible asset.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset over its useful life to date.

Fair Value

An estimate of the market value of an asset or liability, based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Journal Entry

A record in accounting that documents a business transaction in the general ledger, indicating debits and credits to specific accounts.

Consolidation Entries

Journal entries made in the process of preparing consolidated financial statements to eliminate intercompany transactions and balances among the entities of a consolidated group.