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Under the normal convention of accounting, assets are shown in the balance sheet at:
Suggested Answer: B
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20 comments · newest first
SH
Shawna
10 months ago
Really? I find that hard to believe.
BR
Brock
10 months ago
Nope, definitely cost value. That's standard practice.
DY
Dylan
11 months ago
Wait, I thought it was based on market value?
EM
Emeline
11 months ago
Totally agree, it's all about historical cost!
MA
Maddie
11 months ago
Assets are shown at their cost value.
TO
Tonette
11 months ago
I’m a bit confused about the difference between cost value and current cost to replace them. I hope I remember the right one!
RE
Renea
12 months ago
I feel like it could be either cost value or current market value, but I lean towards cost value since that's what we discussed in class.
EZ
Ezekiel
12 months ago
I remember practicing a similar question, and I believe the answer is definitely their cost value.
AL
Albina
12 months ago
I think assets are usually shown at their cost value, but I'm not completely sure if that's always the case.
MA
Matilda
1 year ago
Wait, I thought assets were supposed to be recorded at their economic value to the firm. This is making me second-guess myself. I better review the accounting principles again.
YO
Youlanda
1 year ago
Okay, I've got this. Assets are typically shown on the balance sheet at their cost value, not current market value or replacement cost. I'm feeling good about this one.
LY
Lynsey
1 year ago
Hmm, I'm a bit unsure about this one. I remember discussing asset valuation in class, but I can't quite recall the specific normal convention. I'll have to think this through carefully.
KA
Kathryn
1 year ago
This seems like a straightforward accounting question. I'm pretty confident I know the answer, but I'll double-check my notes just to be sure.
LI
Lisandra
1 year ago
I agree with Ethan, showing assets at their cost value makes sense.
DE
Deane
1 year ago
I think the answer is B) Their cost value. That's the standard way of accounting for assets on the balance sheet.
RO
Rory
10 months ago
Market value can fluctuate, but cost value is more stable.
AL
Aleisha
10 months ago
But what about market value? Isn't that important too?
VE
Vesta
10 months ago
Definitely, cost value is the way to go.
SY
Sylvie
10 months ago
I agree, B is the standard method.
ET
Ethan
1 year ago
I think assets should be shown at their cost value.