After Initially Recording an Asset at Cost,fair Value Is

question 126

Multiple Choice

After initially recording an asset at cost,fair value is

• A)the price at which an asset could be sold in a current transaction between independent parties.
• B)the actual,or historical,price at which the asset was acquired.
• C)the easiest value used to measure and record assets.
• D)verifiable at all future dates by referring to the invoice price paid for the asset.

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Definitions:

Share Capital

The funds that a company raises through the issuance of shares to investors, representing ownership in the company.

Fair Value

The cost at which an asset could be sold or a liability could be settled, assuming a smooth transaction occurs between participants in the market on the date of valuation.

NCI Share

Refers to the equity interest in a subsidiary not attributable directly or indirectly to the parent company, also known as non-controlling interest.

Acquisition

An acquisition is a transaction in which one company takes over controlling interest in another company, acquiring its assets and operations to expand its own business.