Multiple Choice
Tom purchased an item for $5050 last year. This year, he sold the item to a complete stranger for $7000 and incurred a sum of $250 for advertising it. Which of the following statements is true?
A) Historical cost is $5050.
B) Fair value is $7000.
C) Net realisable value is $6750.
D) All of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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