Which of the following statements about the valuation of Crown property on the statement of financial position is true?
A)Crown property is valued at acquisition cost.
B)Crown property is valued at fair market value.
C)Crown property is valued at its depreciated value.
D)Crown property is not recognized on the financial statements.

Question

Quizplus · Accepted Answer

Crown property is typically not recognized on the financial statements because it is considered public property and not owned by the entity preparing the financial statements.

Which of the Following Statements About the Valuation of Crown