Question 11 0.5 The book value of an asset is equal to the A asset's fair value less its historical cost. Basset's cost less accumulated depreciation. replacement cost of the asset. blue book value relied on by secondary markets. Question 8 0.5 Points Natural resources include standing timber and resources extracted from the ground, such as oil, gas, and minerals. A True B) False Question 9 0.5 Points The fair value of a plant asset is always the same as its book value. True B) False 0.5 Points Question 12 Which of the following assets does not decline in service potential over the course of its useful life? Equipment B Fixtures Land D Furnishings 0.5 Points Question 13 mont of financial position 0.5 Points Question 13 Chicago Furniture uses a variety of equipment in its manufacturing facility. On Chicago Furniture's statement of financial position, the "Equipment balance would contain all of the following costs except A Sales taxes paid on new delivery truck. B) Installation costs on new equipment. Motor vehicle licenses on delivery trucks. D) Insurance during transit on new equipment. 0.5 Points Question 14