Reference no: EM132995976

Problem 1: When a group of assets is acquired for a lump sum price, the total cost should be allocated to the individual based on their relative

Group of answer choices

Option 1: Appraised value

Option 2: Assessed value

Option 3: Fair value

Option 4: Book value

Problem 2: The cost of property acquired on credit is equal to

Group of answer choices

Option 1: Invoice price plus any available discount

Option 2: Invoice price, any available discount notwithstanding

Option 3: Invoice price minus discount, only when taken

Option 4: Invoice price minus discount, taken or not