Help with accounting/finance

Accounting
Tutor: None Selected Time limit: 1 Day

When two proprietors decide to combine their businesses and form a partnership, GAAP usually requires that noncash assets be taken over at their _______ on the date of the partnership.
A. residual value
   
B. book value
   
C. fair market value
   
D. historical cost

Apr 28th, 2015

 THE ANSWER IS C Partnership acts varry  in many states but the treatment provided by GAAP on non cash items on the time of partnership is a monetary value meaning the fair market price.

Apr 28th, 2015

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Apr 28th, 2015
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