The application development component provides functionalities to the developers of:

Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except

a. at the date of acquisition, cost reflects fair market value. b. property, plant, and equipment items are always acquired at their original historical cost. c. historical cost involves actual trans¬actions and, as such, is the most reliable basis. d. gains and losses should not be anticipated but should be recognized when the asset is sold.

If two firms in one industry join to hold a greater share of the industry, it will be referred to as a(n) _____.

A. take-over B. consolidation C. acquisition D. assimilation E. conglomerate