When Evaluating Whether an Asset Has Been Impaired, the Carrying

question 14

Multiple Choice

When evaluating whether an asset has been impaired, the carrying amount of the asset must be compared to recoverable amount. Recoverable amount is the higher of:

• A) initial cost: and, fair value;
• B) fair value less costs to sell: and, value in use;
• C) original cost: and, net present value;
• D) value in use: and, original cost.

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Definitions:

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