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The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed
A. historical cost
B. contra asset
C. book value
D. market value
2006-11-06 18:21:38 · 9 answers · asked by michaeljustussvcc 1 in Education & Reference ➔ Homework Help
Here's Wikipedia's entry for book value:
http://en.wikipedia.org/wiki/Book_value
2006-11-06 18:46:30 · answer #1 · answered by Anonymous · 0⤊ 1⤋
C. book value is what you paid for the asset, less its accum. dep.
A. is incorrect b/c the historical cost is what was paid for the asset. this is whats in the fixed asset account.
B. is incorrect. a contra asset is the accum. depreciation account.
D. is incorrect. the market value of an item is its value today and is not reflected by whats on the books. for example, you could have bought a building for $100,000 5 years ago and recorded this on the books. now its worth $500,000. this is the market value.
2006-11-07 02:37:50 · answer #2 · answered by tma 6 · 1⤊ 0⤋
Answer is B. Contra Asset
http://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLD,GGLD:2005-19,GGLD:en&q=The+difference+between+the+balance+of+a+fixed+asset+account+and+the+related+accumulated+depreciation+account+is+termed+
2006-11-07 02:25:04 · answer #3 · answered by burbelicious 4 · 0⤊ 1⤋
E. Chuck Norris
2006-11-07 02:22:57 · answer #4 · answered by Anonymous · 0⤊ 3⤋
I just found this and am going to go to bed, I am not sure any way. But go to www.homework.com and see if you can find your answer there. Good Luck and Good Night.
2006-11-07 02:25:25 · answer #5 · answered by ruth4526 7 · 0⤊ 1⤋
*edit*
book value
i read it wrong the first time!
2006-11-07 02:24:28 · answer #6 · answered by matty.. 4 · 0⤊ 1⤋
C buddy boy ....
2006-11-07 02:40:04 · answer #7 · answered by Yash 3 · 1⤊ 0⤋
C
2006-11-07 02:22:50 · answer #8 · answered by ladybird 3 · 0⤊ 0⤋
has to be C.... no doubt
2006-11-07 02:25:09 · answer #9 · answered by sweetsal 4 · 0⤊ 1⤋