14.  The book value of a plant asset is determined by *a. deducting the depreciation expense from the original balance of the asset accountb. deducting the balance of the accumulated depreciation from the asset costc. adding accumulated depreciation balance to the asset costd. by deducting residual value from the asset cost

How is the carrying amount of a plant asset determined?Group of answer choicesBy subtracting the accumulated depreciation from the asset’s historical costBy multiplying the asset’s historical cost by its depreciation rateBy adding the accumulated depreciation to the asset’s historical costBy dividing the asset’s historical cost by its estimated useful life

An asset's book value or carrying value is its:Multiple Choicecost minus salvage or residual value.cost minus salvage or residual value and accumulated depreciation.accumulated depreciation.cost minus accumulated depreciation.

A gain or loss on disposal of a plant asset is determined by comparing theGroup of answer choicesoriginal cost of the asset with the proceeds received from its sale.replacement cost of the asset with the asset's original cost.book value of the asset with the proceeds received from its sale.book value of the asset with the asset's original cost.

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.

It is necessary to report both the cost and the accumulated depreciation of plant assets in the financial statementsGroup of answer choicesTrueFalse