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Is book value an estimate of an asset's fair market value?
Not necessarily. Book value is the basis of the item less accumulated depreciation. Book value is rarely the actual cash value of an item, any item. Book value has to do with accounting and taxes, not sales price or actual cash value.
Difference between book value and fair value in accounting?
Book value of asset is the value of asset shown in books of accounts while fair value of asset is the current price at which that product is selling or sellable in market.
What is the difference between book value and equity in financial accounting?
Book value in financial accounting refers to the value of an asset as recorded on a company's balance sheet, which is calculated by subtracting accumulated depreciation from the original cost of the asset. Equity, on the other hand, represents the ownership interest in a company's assets after deducting its liabilities. In simple terms, book value is the value of an individual asset, while equity is the overall value of a company's ownership stake.
What is pooling on interest methods?
is the accounting method, where balance sheet of daughter in book value is assumed with the mother
Distinguish between accounting and book keeping?
distinguish between book keeping and accounting
What is the difference between accounting balance sheet and economic balance sheet?
Straight from my text, the difference is that an accounting balance sheet omits significant assets and liabilities and the accounting balance sheet does not report all assets and liabilities at their market value (the accounting balance sheet records a book value; ie the dollar value paid for an item). With respect to which assets and liabilities that are omitted, I am not sure.
What is the definition of offset accounting?
One that reduces the gross amount of another account to derive a net balance. Accumulated depreciation, which is a contra account to fixed assets to obtain book value, is an example of an offset account. Discount on note payable, which is a reduction of notes payable to derive the carrying value, is another example.
What is the principal book of accounting?
Journal Book
What is the definition of arrears as per the accounting book?
In accounting, 'arrears' refers to debt that is overdue. For example, if someone were making monthly child support payments and skipped a month but paid the rest, the skipped payment would be considered 'arrears'.
Where can one find books on intermediate accounting?
Donald E. Kieso's book "Intermediate Accounting" is considered to be the best book on the subject of Intermediate Accounting. You can find his book on Amazon and in every major book store.
What accounting convention uses the acquisition cost minus depreciation in valuing an asset on the balance sheet?
Type your answer here... Book value
What are accounting conversion and concept?
accounting concept are the basic knowledge of accounting on which basis monetry transation are made in accounting book.
