At acquisition date, the cost price and fair value of an asset will be fairly equivalent. However, over the life of the asset, the:fair value and cost price will remain fairly equivalent.fair value will always be greater than the cost price.cost price will always be greater than the fair valuefair value and cost price  will most likely diverge.

f the fair value less costs to sell cannot be determineda.The net realizable value is used.b.The carrying value of the asset remains the same.c.The recoverable amount is the value-in-use.d.The asset is not impaired.

The business combination valuation entries are used to recognise:Group of answer choicesall of the options are correct.the fair value of the liabilities not recorded in the subsidiary's accounts at acquisition date.the fair value of the assets not recorded in the subsidiary's accounts at acquisition date.the fair value adjustments for assets and liabilities that were recorded in the subsidiary's accounts at acquisition date based on carrying amounts different from fair value.

Explain briefly the difference between liquidation value and fair value.

Classifiy the following as either market value equivalent or other valuation methods>>>Fair value

The book value of a long-lived tangible asset is equal to:Multiple Choiceits acquisition cost less the accumulated depreciation from the acquisition date to the balance sheet date.its acquisition cost plus accumulated depreciation from the acquisition date to the balance sheet date.the amount that could be obtained for the asset on the balance sheet date if it were sold.the annual cost of carrying the asset in inventory.