Why is the book value of equipment irrelevant when considering the replacement of equipment?
Book value of the equipment is irrelevant in the decision because it is based on sunk historical costs that cannot be changed.
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What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States?
A) The SEC requires all companies listed on an exchange to submit their financial statements to the SEC. B) The SEC coordinates with the FASB in establishing accounting standards. C) The SEC has a mandate to establish accounting standards for corporations listed in the U.S. capital markets. D) The SEC reviews financial statements for compliance with U.S. GAAP or IFRS.
Nations that express their willingness to join a treaty are called: A) ratifiers
B) signatories. C) contracting parties. D) abrogators.