U. S. GAAP and IFRS allows the use of present value to calculate the cost of an asset except:

Select one:

a. When assets are held for more than one year.

b. When assets are held for less than one year.

c. When assets are depreciated using the straight line method

d. When asset are sold in the middle of the accounting cycle.

Which of the following assets appears on the balance sheet at Historical cost?

Select one:

a. Equipment

b. Notes Payable

c. Investments in Marketable Securities

d. Accounts Payable

Shareholders equity consists of what three components:

Select one:

a. Assets, liabilities, and contributed capital.

b. Contributed capital, accumulated other comprehensive income, and retained earnings.

c. Liabilities, contributed capital, and retained earnings.

d. Liabilities, contributed capital, and accumulated other comprehensive income.