The carrying amount of an asset is the difference between the
A)replacement cost of the asset and its original cost.
B)cost of the asset and the amount of depreciation expense for the year.
C)cost of the asset and the accumulated depreciation to date.
D)proceeds received from the sale of the asset and its original cost.

Question

Quizplus · Accepted Answer

The carrying amount of an asset is calculated by subtracting the accumulated depreciation from the original cost of the asset. This reflects the asset's book value over time as it depreciates.

The Carrying Amount of an Asset Is the Difference Between