Question 39 Not yet answered Marked out of 1.

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The valuation of assets in the balance sheet is based primarily upon:

Select one:

a. What it would cost to replace the assets.

b. Cost, because cost is usually factual and veri able.

c. Current fair market value as established by independent appraisers.

d. Cost, because in the event of liquidation, the assets would be sold at an amount equal
to their original cost.

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Question 40 Not yet answered Marked out of 1.00

From an accounting viewpoint, when is a business considered an entity separate

from its owner(s)?

Select one:

a. Only when organized as a sole proprietorship.

b. Only when organized as a partnership.

c. Only when organized as a corporation.

d. In each of the above situations, the business is an accounting entity separate from the
activities of the owner(s).

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