Question
Download Solution PDFGross Book Value of a fixed assets is its
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is historical cost.
Key PointsFixed assets - Long-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.
Last updated on May 6, 2025
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