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Question(s) / Instruction(s):

Which of the following correctly characterizes assets listed on the balance sheet?

a.            Monetary assets which will not be collected in cash for at least one year from the balance sheet date are reported at their present value.

b.            Nonmonetary assets (such as inventory and land) are reported at their acquisition cost, adjusted for any depreciation that might have occurred.

c.             All of these answer.

d.            Monetary assets (such as cash and accounts receivable) are shown at their current cash value.

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