Which of the following statements regarding the value of assets in the balance sheet is not correct?
A)the value of assets in the balance sheet may be a mixture of values of historical cost and fair values
B)some assets may be valued at historical cost
C)some assets may be valued at fair value
D)some assets reflect the amount that would be received if the assets were sold at the date of the statement

Question

Quizplus · Accepted Answer

Assets on the balance sheet are typically recorded at historical cost or fair value, but they do not generally reflect the amount that would be received if sold, which is more aligned with liquidation value.

Which of the Following Statements Regarding the Value of Assets