The cost of an asset and its fair market value are
A) never the same.
B) the same when the asset is sold.
C) irrelevant when the asset is used by the business in its operations.
D) the same on the date of acquisition.

Question

Quizplus · Accepted Answer

The cost of an asset and its fair market value are typically the same on the date of acquisition, as the purchase price reflects the market value at that time.

The Cost of an Asset and Its Fair Market Value