The Method Most Commonly Used to Report Defaults and Repossessions

question 80

Multiple Choice

The method most commonly used to report defaults and repossessions is

• A) provide no basis for the repossessed asset thereby recognizing a loss.
• B) record the repossessed merchandise at fair value, recording a gain or loss if appropriate.
• C) record the repossessed merchandise at book value, recording no gain or loss.
• D) None of these answers are correct.

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