A key characteristic of asset measurement is best described as:
A) average value based on all assets held by the company
B) disposal cost less depreciation
C) fair value at the acquisition date
D) fair value less depreciation

Question

Quizplus · Accepted Answer

Asset measurement often involves determining the fair value at the acquisition date, which reflects the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

A Key Characteristic of Asset Measurement Is Best Described As