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Financial Accounting MCQs

What is the net book value of a noncurrent asset?

the net amount reported on the balance sheet for an intangible asset.

the net amount reported on the balance sheet for a long-term asset.

the net amount reported on the income statement for an intangible asset.

the net amount reported on the income statement for a long-term asset.

Answer

Correct Answer: the net amount reported on the balance sheet for a long-term asset.

Explanation:

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