The book value of an asset is equal to thea. Replacement cost.b. Asset’s cost less accumulated depreciation.c. Asset’s fair value less its historical cost.d. Historical cost plus accumulated depreciation.

The book value of an asset is equal to thea. Replacement cost.b. Asset’s cost less accumulated depreciation.c. Asset’s fair value less its historical cost.d. Historical cost plus accumulated depreciation.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 4TF: LO1 Depreciable cost is the difference between the original cost of the asset and its accumulated...

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Question

The book value of an asset is equal to the
a. Replacement cost.
b. Asset’s cost less accumulated depreciation.
c. Asset’s fair value less its historical cost.
d. Historical cost plus accumulated depreciation.

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