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Which applies to the measurement and recognition of an asset

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Reference no: EM132593995

Question 1: Which of the following applies to the measurement and recognition of an asset?

Option a. A pervasive principle in accounting is that an asset is measured at the market value of the consideration exchanged or sacrificed to acquire it and place it in operating condition.

Option b. In some cases, an asset may be recorded at an amount greater than its cash equivalent purchase price.

Option c. When the consideration given for an asset is nonmonetary, the market value of that consideration generally provides the most reliable basis for measuring acquisition cost.

Option d. Assets are always measured and reported based on historical cost.

Reference no: EM132593995

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