The carrying amount of an asset is the difference between the
A)replacement cost of the asset and its original cost.
B)2 cost of the asset and the amount of depreciation expense for the year.
C)cost of the asset and the accumulated depreciation to date.
D)proceeds received from the sale of the asset and its original cost.

Question

Quizplus · Accepted Answer

The carrying amount of an asset is the net amount at which it is reported on the balance sheet and is calculated as the cost of the asset minus any accumulated depreciation to date. Therefore, Choice C is the correct answer.

The Carrying Amount of an Asset Is the Difference Between