Which of the Following Statements Concerning Asset Valuation Is Incorrect

question 58

Multiple Choice

Which of the following statements concerning asset valuation is incorrect?

• A) Subject to a few exceptions, non-current assets, after acquisition, can be measured at either cost or fair value.
• B) If non-current assets are measured using the cost basis, they cannot be valued at less than their recoverable amount.
• C) If non-current assets are measured using the fair value basis, fair value must be regularly reassessed.
• D) Assets and liabilities are recorded initially at their historical cost.

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Definitions:

Unconditional

refers to something that is not subject to any conditions or limitations.

Express Condition

A specific and unequivocal condition in a contract that must be met for the contract's obligations to be enforced or remain in effect.

Absolute

Complete and total without any conditions, restrictions, or exceptions.

Cooperative Centrale Raiffeisen-Boerenleenbank B.A.

A major cooperative banking institution, commonly known as Rabobank, headquartered in the Netherlands, known for its focus on agricultural financing.