Which of the Following Measures of 'Value' Is Not Used

question 60

Multiple Choice

Which of the following measures of 'value' is not used under AASB accounting standards for property,plant and equipment?

• A)fair value
• B)written down value
• C)historical cost
• D)current cost

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Definitions:

Finance Lease

A type of lease in which it is assumed that the lessee will use the leased asset for the majority of its useful life, often with an option to purchase the asset at the end of the lease term.

Lease Contract

A legal agreement in which one party grants another party the right to use a property or equipment for a specified period in exchange for payment.

Merchant

A person or corporation involved in the trade of offering products or services for sale.

UCC

The Uniform Commercial Code comprises a complete framework of rules that dictate the conduct of all commercial transactions within the United States.