Adjusting the reported value of an asset to reflect current market value is best described as:
A) mark-to-book.
B) accrual costing.
C) mark-to-market.
D) historical costing.

Question

Quizplus · Accepted Answer

Mark-to-market accounting involves adjusting the reported value of an asset to reflect its current market value, rather than its book value or the price at which it was originally purchased. This method provides a more accurate reflection of the asset's current financial status.

Adjusting the Reported Value of an Asset to Reflect Current