When Phil lists his house on his personal balance sheet,he should record the
A)actual purchase price.
B)replacement value.
C)insured value.
D)sale price.
E)fair market value.

Question

Quizplus · Accepted Answer

When listing a house on a personal balance sheet, it is important to record its fair market value. This represents the current market value of the house and is a more accurate representation of its worth than the purchase price, replacement value, insured value, or sale price.

When Phil Lists His House on His Personal Balance Sheet,he