In the Statement of Financial Position assets are:
A) all relatively illiquid.
B) listed at current market value.
C) listed at market value as of the most recent fiscal year.
D) listed at cost.

Question

Quizplus · Accepted Answer

Assets in the Statement of Financial Position are typically listed at their historical cost, not at their current market value. This approach is based on the cost principle, which states that assets should be recorded and listed at their original purchase cost.

In the Statement of Financial Position Assets Are