The Economic Resources of a Company Resulting from Past Transactions

question 132

Multiple Choice

The economic resources of a company resulting from past transactions are called ________.

• A)assets
• B)revenues
• C)retained earnings
• D)contributed capital

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Definitions:

Holding Losses

Financial losses incurred from holding onto an asset that has decreased in value over time.

Inventory Valuation

The method of calculating the cost of goods available for sale and determining the end inventory balance.

Net Realizable Value

The estimated selling price of goods, minus the costs of their completion and costs necessary to make the sale.

Market Value

Market value is the current price at which an asset or service can be bought or sold in a marketplace.