Question

Question 27

The term “net realizable value” means

	A.	The price at which an asset can be sold in orderly markets
	B.	The amount the company would receive by selling the asset in orderly markets, less transaction costs
	C.	The sales value assuming the company must sell immediately
	D.	The price at which someone can buy the asset now.

Question 28

When a law firm sends bills to its clients, it is able to list on its bills the amounts of hours worked by each particular lawyer on that case, and the billing rates of these lawyers. This ability to associate the particular lawyers’ work with the bill is an example of

A.Traceability

B.Homogeneity

C.Divisibility

D.Avoidability

Answer 1

Q27.
Answer is B. The Amount the company would receive by selling the assets in orderly markets, less transaction costs.
Q28.
Answer is A. Traceability
Explanation:
The Bill of lawyer needs to be traced to Job work done