In the accounting statement of affairs, the book value of the assets should be greater than the assets' estimated realizable value plus the estimated gain on liquidation

Unexpected increases in inflation cause loss rates to increase more for long-tail risk than for short-tail risks.

a. true b. false

A gain or loss on the sale of a plant asset is determined by comparing the:

A. Asset's original cost with the sales proceeds B. Asset's book value with the sales proceeds C. Asset's original cost with the asset's book value D. Initial estimate of the asset's salvage value with the sales proceeds E. None of the above