Laws,regulations,and the requirements of GAAP require that _____ value be used for financial reporting and income tax purposes.
A)book
B)fair market
C)replacement
D)disposal

Question

Quizplus · Accepted Answer

Book value is used for financial reporting and income tax purposes because it is the value of an asset as recorded on the company's books. This value is determined by subtracting the accumulated depreciation from the asset's original cost.

Laws,regulations,and the Requirements of GAAP Require That _____ Value Be