When original cost is used in the accounting records, the book value of the asset is:
A) the original cost.
B) the market value.
C) original cost less accumulated depreciation.
D) closed out.

Question

Quizplus · Accepted Answer

The book value of an asset, when original cost is used in the accounting records, is calculated as the original cost less accumulated depreciation. This reflects the asset's value on the balance sheet after accounting for wear and tear or usage over time.

When Original Cost Is Used in the Accounting Records, the Book