Historical Cost

question 153

Multiple Choice

Historical cost:

• A)is used in the U.S.to value all business assets.
• B)is equal to the amount of cash paid minus the dollar value of all noncash considerations also given in the exchange.
• C)is a verifiable measure that is relatively free from bias.
• D)is the amount that the business could sell an asset for.

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Definitions:

Joint Venture Agreement

A legal document that outlines the terms and conditions under which two or more parties undertake a specific business venture together.

UNCITRAL Rules

A set of procedural rules adopted by the United Nations Commission on International Trade Law to govern arbitration proceedings.

Export and Import Permits Act

Legislation regulating the export and import of specific goods and technologies to and from a country.