When an Asset's __________ Amount Is Lower Than Its Carrying

question 14

Short Answer

When an asset's __________ amount is lower than its carrying amount,the asset is deemed to have been __________.

---

Definitions:

Contract Exist

The state in which an agreement has the necessary elements of offer, acceptance, and consideration, making it legally enforceable.

Merchant Offeror

A seller or provider of goods and services who presents an offer in a commercial transaction, especially one with expertise or professional standing in the transaction's subject matter.

Firm Offer

an offer in contract law that remains valid for a certain period of time and cannot be withdrawn during that period by the offeror.

Written Offer

A formal proposal presented in written form, detailing the terms under which the offeror is willing to engage in a transaction or agreement.