The difference between the cost of a long-lived asset and its related accumulated depreciation is referred to as the
A) fair value of the long-lived asset.
B) blue book value of the long-lived asset.
C) carrying amount of the long-lived asset.
D) depreciated difference of the long-lived asset.

Question

Quizplus · Accepted Answer

The carrying amount (or carrying value) of a long-lived asset is calculated as the difference between its cost and its accumulated depreciation. This reflects the book value of the asset on the balance sheet after accounting for depreciation over time.

The Difference Between the Cost of a Long-Lived Asset and Its