The primary measurement basis currently used to value assets in external financial statements of an enterprise is the
a. current market price if the assets currently held by an enterprise were sold on the open market.
b. current market price if the assets held by an enterprise were purchased on the open market.
c. present value of the cash flows the assets are expected to generate over their remaining useful lives.
d. market price of the assets held by an enterprise at the date the assets were acquired (although some assets may be valued at their current selling price or net realizable value).
D
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Clyde's car breaks down on the way home from work. He has the tow truck driver tow it to Atlas Motors, a repair shop
The car is left in the parking lot, since the shop is closed, and Clyde leaves the keys in the car and a note under the door of the shop. Unfortunately, the lot is not very secure and the car is stolen that night. Which of the following is TRUE? A) Atlas had a duty to show reasonable care for the car. B) The onus will be on Atlas to show that the theft was not due to their negligence. C) Atlas was a bailee for hire of the car D) There was no bailment, since Atlas was not aware that Clyde had left the car with it. E) All of the above.