Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 23 - No. 6)
What does the 'net book value' of an asset represent on the statement of financial position?
The original cost of the asset.
The current market value of the asset.
The asset's original cost less accumulated depreciation.
The amount of depreciation expense for the current year.
Explanation
Net book value is the carrying amount of the asset, which is the cost less accumulated depreciation.
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