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Sazo233

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Sazo233

Re: pumper_stumper post# 14676

Monday, 03/28/2011 12:32:26 PM

Monday, March 28, 2011 12:32:26 PM

Post# of 47856

No, the value of the asset is NOT what you paid for it (years ago), it is WHAT IT IS WORTH TODAY! This is basic accounting 101.



Actually, historical cost principle in accounting dictates that assets are recorded at cost NOT at market value. I doubt they were using CIPPA standard on that balance sheet...
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