When determining the value of asset, what are some issues or events that need to be considered? (Think about both short-term and long-term assets.) Provide examples of items beyond the listed purchase price that may need to be considered in the value (or acquisition cost) of an asset.

When working with assets (either short or long-term), why do you think management is given the option to choose a method of accounting that affects the asset value? Give an example of an accounting method choice that affects the value of an asset.