USGenerally Accepted Accounting Principles Require the Reporting of Plant Assets

question 110

Multiple Choice

U.S.Generally Accepted Accounting Principles require the reporting of plant assets at ________ on the balance sheet.International Financial Reporting Standards allow the reporting of plant assets at ________ on the balance sheet.

• A)current replacement cost;fair market value
• B)fair market value;fair market value
• C)historical cost;fair market value
• D)historical cost;net realizable value

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Definitions:

Variance

A statistical measure of the dispersion of a set of data points in a data set.

Deviations

The differences between observed values and the average of those values within a dataset.

Mean

The arithmetic average of a set of numbers, calculated as the sum of all values divided by the count of values.

Sample Variance

A measure of the dispersion or variability of a sample dataset, representing how much the data points differ from the sample mean.