Assets are typically recorded on the Balance Sheet at their estimated fair market value.?

Question

1. TRUE

2. FALSE

FITAH MOHAMED · Answer

2. FALSE

Assets are typically recorded on the Balance Sheet at their historical cost value

Shahbaz Hayder · Answer

Option2 is the right answer.

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN · Answer

The Statement mentioned is Not True.

Written down balance after Depreciation from the Book value is shown.

Imdad Hussain Rajput · Answer

False

they are recorded as historical cost value

Joseph Aoun, CPA · Answer

Never use the fmv for assets. The fmv is used only when u sell the asset which lead to gain or loss in the income statement

Said Shaban · Answer

The answer is No:2 - False