Asked by Owuraku Agyekum on May 01, 2024
Verified
A fixed asset's market value is reflected on the balance sheet.
Fixed Asset
Long-term tangible property owned by a business that is used in its operations and not expected to be converted to cash in the short term.
Market Value
The current price at which an asset or service can be bought or sold, often determined by supply and demand in the marketplace.
Balance Sheet
A financial statement that presents a company's assets, liabilities, and shareholders' equity at a specific point in time.
- Comprehend the notion of depreciation and how it is handled within financial records.
Verified Answer
EF
Elizabeth FigueroaMay 03, 2024
Final Answer :
False
Explanation :
A fixed asset's market value is not typically reflected on the balance sheet. Its cost less accumulated depreciation is typically reported.
Learning Objectives
- Comprehend the notion of depreciation and how it is handled within financial records.