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Question 205 - IIA-CIA-Part3 discussion

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Which of following best demonstrates the application of the cost principle?

A.
A company reports trading and investment securities at their market cost
Answers
A.
A company reports trading and investment securities at their market cost
B.
A building purchased last year for $1 million is currently worth ©1.2 million, but the company still reports the building at $1 million.
Answers
B.
A building purchased last year for $1 million is currently worth ©1.2 million, but the company still reports the building at $1 million.
C.
A building purchased last year for ©1 million is currently worth £1,2 million , and the company adjusts the records to reflect the current value
Answers
C.
A building purchased last year for ©1 million is currently worth £1,2 million , and the company adjusts the records to reflect the current value
D.
A company reports assets at either historical or fair value, depending which is closer to market value.
Answers
D.
A company reports assets at either historical or fair value, depending which is closer to market value.
Suggested answer: B
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asked 18/09/2024
Novy Kingra
43 questions
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