Gross Book Value of a fixed assets is its

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UP TGT Commerce 2021 Official Paper
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  1. cost less depreciation
  2. Historical cost
  3. fair market value
  4. realisable value

Answer (Detailed Solution Below)

Option 2 : Historical cost
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The correct answer is historical cost.

 Key PointsFixed assetsLong-term tangible assets employed in corporate operations are referred to as fixed assets.

They are categorized as property, plant, and equipment (PP&E) on the balance sheet because they offer long-term financial benefits and have a useful life of more than a year.Important PointsGross Book Value of a fixed assets - 

  • A fixed asset's gross book value is its historical cost or a sum that has been substituted for historical cost in the accounting records or financial statements.
  • This number is known as net book value when it is displayed after cumulative depreciation.

Thus , Gross Book Value of Fixed assets is known as historical cost.

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