Question : If the Balance Sheet does not have an item of Provision for Depreciation or Accumulated Depreciation, it means that fixed assets are shown in the Balance Sheet at their--------------.
Option 1: Written down value
Option 2: Original cost
Option 3: Both 1 and 2
Option 4: None of the above
Answer (1)
12th Jan, 2024
Correct Answer: Written down value
Solution :
Answer =
written down value
When the Balance Sheet does not have an item of Provision for Depreciation or Accumulated Depreciation for both years, it means that the fixed assets are shown in the Balance Sheet at their written-down value.
Hence, the correct option is 1.
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