The ________ of an asset or liability is its cost carried on the balance sheet.
A)market value
B)book value
C)hybrid value
D)theoretical value

Question

Quizplus · Accepted Answer

Book value refers to the cost of an asset or liability carried on the balance sheet. It is based on the historical cost of the asset or liability, adjusted for any accumulated depreciation or amortization. Market value refers to the current price at which an asset or liability could be sold in the market, while theoretical value is a hypothetical value based on assumptions and calculations. Hybrid value is not a commonly used term in this context.

The ________ of an Asset or Liability Is Its Cost