The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset.

Name: The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset.
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This statement is true. The book value of a fixed asset is calculated by subtracting the accumulated depreciation from the cost of the asset.

The Difference Between the Balance of a Fixed Asset Account