The practice of showing assets on the balance sheet at their cost,rather than at their current market value is explained,in part,by the fact that cost is supported by objective evidence that can be verified by independent experts.

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This statement is true. The use of cost on the balance sheet provides more objective evidence for the value of assets, as it can be supported by invoices and other documentation. Market value can fluctuate based on multiple factors and may not provide a reliable indication of an asset's true value.

The Practice of Showing Assets on the Balance Sheet at Their